In an unforeseen event, the blockchain protocol, Multichain, has seen a staggering outflow of cryptocurrencies to a new address, all in the last 12 hours. The total value of the assets, consisting of a mix of DAI, ETH, USDC, USDT, BTC, and more, amounts to approximately $117 million.
The mysterious new address, 0x1e…477b, now contains a diverse portfolio of crypto assets: 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, 52 BTC flowed from Fantom. From Arbitrum, it received 2,891 WETH, 8.7 million USDC, and 7.5 WBTC. The BNB Chain contributed 209k USDC and 50.8 BTCB, while Avalanche delivered 2.38 million DAI and 33.76 WBTC.
Additionally, the new address has accumulated 667.4 WETH and 9 million USDC from Cronos, 5,582 WETH and 7.05 WBTC from Polygon, and 237.6k USDC from Moonbeam. Lastly, 37k USC flowed from Optimism and a significant 10.36 million DAI from Ethereum.
The sudden and considerable exodus of assets corresponds with an exploit discovered in Multichain Bridge, a protocol operating on several blockchains. This exploit led to a massive loss of over $120 million in crypto assets. The exact cause remains unknown and under investigation.
The exploit had detrimental impacts on several bridges, including those of Fantom, Moonriver, and Dogechain, collectively experiencing a drain of nearly $130 million in crypto assets. The Multichain service has temporarily halted, leaving all bridge transactions stuck on the source chains, with no confirmed time of resumption.
In an interesting twist, the FLOKI tokens extracted from the Multichain bridge now reside in the Floki multisig treasury wallet. As the situation continues to evolve, the chances of recovering the funds and identifying whether a protocol vulnerability led to the exploit remain uncertain.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com