Multichain Witnessed $117 Million Worth of Massive Fund Outflows in the Last 12 Hours

In a concerning turn of events, Multichain, a prominent cryptocurrency platform, has experienced a series of abnormal outflows within the past 12 hours. The funds, totaling approximately $117 million USD, were transferred to a new address: 0x1eed63efba5f81d95bfe37d82c8e736b974f477b. This incident follows a similar occurrence reported by AZCoin News on July 7, 2023, where a substantial amount of funds was transferred without a clear explanation.

The outflows from Multichain have affected multiple networks, including Fantom, Arbitrum, BNB Chain, Avalanche, Cronos, Polygon, Moonbeam, Optimism, and Ethereum. A breakdown of the transferred assets reveals the staggering extent of the incident: 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, and 52 BTC flowed from Fantom.

From Arbitrum, 2,891 WETH and 8.7 million USDC were withdrawn, along with 7.5 WBTC. Furthermore, 209,000 USDC and 50.8 BTCB were transferred from BNB Chain, while Avalanche witnessed an outflow of 2.38 million DAI, 33.76 WBTC.e, 667.4 WETH, 9 million USDC, and 616,000 DAI flowed from Cronos. Additionally, Polygon experienced an outflow of 19.95 thousand USDC, 5,582 WETH, and 7.05 WBTC. Moonbeam saw 237,600 USDC withdrawn, while Optimism witnessed 37,000 USC outflow. Lastly, 21.91 WBTC, 10.36 million DAI, and 15,000 DAI from Ethereum were transferred.

The sudden and significant movement of assets has raised suspicions of a potential hack or security breach within the Multichain platform. Cryptocurrency users and investors have been left puzzled by these abnormal outflows, as Multichain has yet to provide a clear explanation for the incident.

The consequences of this fund outflow have had a substantial impact on various networks connected to Multichain. Fantom, Moonriver, and Dogechain networks have suffered a total withdrawal of $130 million USD, causing concerns among users and heightening anxieties within the cryptocurrency community.

The affected individuals and projects within these networks will undoubtedly face significant challenges in recovering the lost funds and maintaining stability. Furthermore, this incident emphasizes the inherent risks associated with decentralized finance (DeFi) and the importance of robust security measures to protect user assets.

In the broader context of the cryptocurrency industry, security breaches and fund outflows continue to be a persistent issue. While blockchain technology holds immense potential for innovation and financial inclusion, incidents like these highlight the importance of prioritizing security protocols and implementing stringent safeguards to protect user funds.

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