Bug helps hackers steal USD 1.4 mln on Multichain

Thursday 20 January 2022 11:50 CET | News

A bug in the Multichain Bridge Protocol has resulted in users losing over USD 1.4 million to hackers, with millions more potentially still at risk.

The cross-chain bridge Multichain announced that it had been notified of a vulnerability in its bridging router affecting several tokens. Security firm Dedaub reported to Multichain that users who had approved permissions for WETH, PERI, OMT, WBNB, MATIC, and AVAX on Multichain’s bridging router were at risk of hackers draining their funds. 

Multichain has also reported that all assets on its V2 Bridge and V3 Router are safe and that users can carry out cross-chain transactions as usual. The protocol also informed users that it would release the technical details of the bug in a subsequent blog post. 

Blockchain security firm PeckShield has identified the address to which a hacker is transferring the stolen funds after exploiting the Multichain bug. So far, 455 ETH worth approximately USD 1.44 million has been drained from users who have not revoked permissions to their assets. It is currently unknown how many previous Multichain users are still at risk. 

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Keywords: cryptocurrency, tokenization, online security, online fraud, hacking
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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