Blockchain watchers observed $130 million in various assets flowing out of the Multichain blockchain bridge, questioning whether there had been an exploit. Multichain tweeted, “The team is not sure what happened and is currently investigating,” and recommended users stop using the service and revoke contract approvals.
Several hours later, Multichain wrote that they had stopped service, and that “all bridge transactions will be stuck on the source chains. There is no confirmed resume time.”
In May, Multichain suffered a bizarre slew of issues, culminating in the project team admitting that their CEO had gone missing and could not be contacted. So far, they have not reported his return.
This is also not the first hack suffered by Multichain. In January 2022, the project, bafflingly, publicly announced a security vulnerability that was affecting their tokens, without first instructing users to safeguard their tokens. Attackers quickly followed the instruction manual provided to them by Multichain, making off with around $3 million in assets.
