Multichain developers have confirmed an exploit that impacted $130 million in user-supplied tokens, causing the team to suspend the use of Multichain services and revoke all contract approvals related to Multichain, as per Friday tweets. The MULTI tokens have slipped 13% in the past 24 hours. Bridges such as Multichain allow users to transfer tokens between different networks, and $2.66 billion has been lost to bridge-based exploits in the past years, according to DefiLlama.
On Thursday, Multichain experienced outflows totaling nearly $130 million worth of different tokens across its bridges on blockchain networks Fantom, Moonriver, and Dogechain. On-chain analytics firm Lookonchain estimated $62 million worth of USD coin (USDC), $31 million in wrapped bitcoin (wBTC), and $13 million in wrapped ether (wETH) made up the largest stolen amounts. Stolen tokens have not been sent to exchanges or passed through mixing services such as Tornado Cash as of Asian afternoon hours on Friday.
Related tokens have slumped in the past 24 hours amid a broader market decline. Fantom (FTM) dropped 9.9%, Moonriver’s MOVR tokens fell 13%, and lesser-known Dogechain (DC) tokens dropped 10%, CoinGecko data shows. Dogechain developers confirmed the network wasn’t directly impacted, but asked users to revoke permissions to Multichain’s Dogechain bridge.