The Multichain Executor contract is ‘draining’ AnySwap tokens and distributing them to personal wallets, says on-chain sleuth Spreek.
the redeemed DAI from the Multichain Executor on July 10, about five minutes after the previous transaction.the anySwapFeeTo function on its network for $208,997 worth of anyUSDC. This resulted in $208,997 worth of the tokens being converted into its underlying Binance-Pegged USDC, which were subsequently sent to this same address. In other BSC transactions, the contract used this process to convert 50.80 anyBTC, worth $39,251.
Spreek said this behavior could be part of the normal functioning of the protocol. On the other hand, a different account had engaged in similar behavior the day before, Spreek stated. The other account eventually sold the drained tokens, providing evidence that it was malicious: The on-chain sleuth theorized that the attacker may be using the anySwapFeeTo function to set fees to an arbitrarily large amount, allowing them to drain users’ funds. This function “[a]pparently allows ANY value to be set, so the address is simply choosing the total value of the token held in that anyToken,” Spreek stated.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Connext founder proposes ‘Sovereign Bridged Token’ standard after Multichain incidentThe proposal is intended to limit losses from events like the Multichain incident, where more than $100 million in unexplained withdrawals occurred.
Read more »
Multichain Bridge Drained of Over $100M, Team Investigating Potential Exploit | CoinMarketCapCryptoNews: The Multichain MPC bridge platform has experienced unusually big outflows, raising concerns of a possible exploit worth over $100 million. 👀
Read more »
Twitter Phishing Scams Users After Multichain Hack | CoinMarketCapCryptoNews: Scammers have started spreading a phishing link on Twitter, falsely linking it to the recent Multichain hack. 🥸
Read more »
Multichain's ‘mysterious withdrawals’ have whiffs of a ‘rug pull’ — Chainalysis'Mysterious withdrawals' and potentially compromised administrator keys at Multichain could signal an internal rug pull, according to analytics firm chainalysis.
Read more »
Another $103 million in crypto assets transferred away from Multichain: BeosinOn-chain data revealed a significant outflow of $103 million worth of crypto assets from the Multichain bridge on Monday.
Read more »
Voters ready to give Trump a second chance at draining the swampCOUNCIL BLUFFS, Iowa — Donald Trump did many things as president to earn the loyalty of his supporters. Where he failed, Trump and his voters blame the “deep state,” “the swamp,” or bad counsel from his advisers.
Read more »