Multichain Says Around $1.4M Ether Siphoned From Users Who Failed to Update Approvals

Multichain users who did not update their approvals as instructed yesterday have been exploited and have lost 445 wrapped ether ($1.4 million), the project tweeted on Tuesday.

  • On Monday, Multichain instructed its users to remove approvals for six tokens otherwise their assets would be exposed to a security vulnerability. The tokens in question were WETH, PERI, OMT, WBNB, MATIC, and AVAX.
  • Decentralized finance security firm Dedaub first found the flaw, which Multichain said it had fixed.
  • Later on Tuesday, crypto security firm PeckShield revealed the wallet address where the stolen funds had been deposited. The address holds 455 ether as of the time of writing.
  • Because the users have to be the ones to remove the approvals, there isn’t much Multichain can do, PeckShield told CoinDesk in a Twitter message.
  • Multichain, formerly Anyswap, is a cross-chain bridge which raised $60 million in a seed round led by Binance Labs in December 2021.

Read more: Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs

Leave a Reply