On July 6, researchers discovered that $5 million from Moonriver, $666,000 from Dogechain, and about $102 million worth of cryptocurrency had been taken out of Multichain’s Fantom bridge on the Ethereum side.
Total of $102 million in digital currencies, consisting of 1024 Wrapped Bitcoin (WBTC) tokens worth $31 million, 7,214 Wrapped Ether (WETH) tokens worth $13.6 million and $58 million in USD Coin, were removed from the Fantom bridge’s Ethereum smart contract.
Additionally, the Ethereum contract for the Dogechain bridge had seen a withdrawal of $666,000 that consists of more than 86% of its entire deposits, leaving only about $100,000 worth of assets in the bridge.
Notably, only about $700,000 of USDC and Tether were left in the Multichain Moonriver bridge contracts on Ethereum after a total withdrawal of $5,872,661 of these currencies.
As a result, one user said it appeared to be “another massive hack.” The Dogechain transactions were posted by on-chain investigator Spreek with the comment “Dogechain multichain drained.”
It is still not known whether the contracts had been “drained” or if users had just withdrawn a sizable sum of money.
Multichain later tweeted that the movements were unusual and that the team was “investigating” as it was unclear what had occurred.
Multichain has been experiencing problems for more than a month due to technical challenges and the lack of its CEO.
Moreover, three unexplained outflows from Multichain’s Fantom, Moonriver and Dogecoin bridge contracts caused concerns on crypto Twitter, raising worries of a potential hack.
