Multichain has suspended its operations after an unexplained transfer of crypto assets worth millions of dollars took place on July 6.
it suspended current services without specifying a return date. “Please don’t use the Multichain bridging service now,” it warned, adding that “all bridge transactions will be stuck on the source chains.“that the transfer of funds “does not appear to be a normal hack” since the assets sent to the alleged attacker’s wallets were not transferred elsewhere. Investigations are still ongoing.
Multichain allows users to transfer tokens between different networks. It has been facing technical and operational challenges since its leadership vanished a few weeks ago. Bridges like Multichain are among the most vulnerable targets for crypto hackers, with several incidents reported in 2022.crypto assets had been hacked
in hundreds of incidents. The top five most common hacks are smart contract vulnerabilities, rug pulls, flash loan attacks, scams and private key leaks. The total number of incidents consisted of 118 exchange hacks, 217 Ethereum ecosystem hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks, and 85 hacks involving nonfungible tokens. A total of over $10 billion has been lost in crypto exchange hacks over the past decade.
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