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  • The biggest hack on the Multichain cryptocurrency platform has occurred since it launched.

    A total of $125 million in cryptocurrencies, including USDT, USDC, Bitcoin, and ETH, were taken by the hackers.

    After approximately $125 million worth of cryptocurrency was stolen by hackers, the Multichain platform, which offers services for transferring cryptocurrency between different blockchains, has suspended operations.

    A leader in terms of security, speed, and cost of transfers between various blockchains, Multichain was founded in 2020. The platform's assets "were anomalously moved to an unknown address," the company reported on July 7.

    The team is still unsure of exactly what happened, but an investigation is in progress. We advise all users to stop using Multichain services and to revoke any permissions they may have for contracts involving Multichain, the company said in a statement.

    A few hours later, the company made an announcement stating that all platform services had been terminated and that any transactions made across the bridges would be prohibited on the original chains. A short while later, the Multichain website displayed the kind of message that read: "The platform will return the stolen funds to all users."

    However, the platform's administrator going by the handle "David Who" claimed that this site is not a part of Multichain in the platform's official Telegram channel. As a result, this claim can only be seen as a component of a malicious campaign against the platform.

    At the time the news was published, Multichain had not released any new information, and researchers from different blockchain security firms had already commented on the matter and estimated the approximate cost of the platform's damage.

    According to MetaSleuth, more than $120 million in stolen property was distributed to 6 addresses, some of which were "burned" to the ground. According to PeckShield, the hackers stole millions of dollars in stablecoins like USDT and USDC, as well as ETH, Bitcoin, etc., and have attached a screenshot with a reported amount of 126 million.

    The security of the platform may have also been tested by a white hat hacker, according to rumours that have surfaced, but it is unclear how accurate these claims are at this time.

    Multichain has previously experienced a number of issues with the use of its platform, and at the end of May this year, it even had to suspend operations. She has never, however, taken a complete break from work before last week's cyber incident.

    Hackers remain attracted to bridges between chains, such as Multichain, in 2023 after realising in years past that this is a very financially lucrative attack vector.

    According to the same PeckShield report, 1.92 billion dollars have been stolen in connection with bridges between chains over the last three years. The largest thefts to date involved the theft of more than $600 million from Poly Network in 2021 and Ronin Network in 2022. While Nomad Bridge and Horizon Bridge each suffered losses of over $100 million, Wormhole Bridge was robbed of $320 million.

    The well-known North Korean hacker group Lazarus has been implicated in a number of attacks. According to reports, one of the primary sources of funding for the nation's nuclear programme was the stolen money.

    Author DeepWeb
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