2023-07-17
On July 15, MultiChain shut down its
operation. CEO Zhaojun was arrested by Chinese police. Multichain team is
unable to access cloud node servers ran under Zhaojun’s personal cloud server
account. In addition, Multichain had a $126 million exploit due to a compromise
in the MPC system. From $126 million exploit, $122 million happened on Fantom
bridge.
Details of Multichain exploit that
happened on July 6.
$122 million were withdrew from Fantom’s bridge including
214 Wrapped Ether (WETH) tokens (13.6 million).
1,024 Wrapped Bitcoin (WBTC) ($31 million).
$58 million USDC ($58 million).
Around $20 million of altcoins including DAI, LINK, and USDT.
$666,000 from Dogecoin's bridge.
$5 million from Moonriver's bridge.
On May
21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police
from his home and Multichain team is unable to get contact since then.
On May 21, Famtom had a TVL of $1.08 billion. Fantom’s TVL
dropped to $66.9 billion on July 17.
Andre Cronje, Fantom’s co-founder even said that Multichain
is a big blow to Fantom.
The value of FTM token is on downtrend. Fantom currently has
a fully market cap of $826 million. XRP token went up 62% in the past 7 days which drive
up the price of overall cryptocurrency market. But Fantom does not enjoy that
uptrend that many cryptocurrencies now have.
