Thursday, September 29, 2022
HomeAltcoinsStolen funds worth $2.6M recovered by Multichain

Stolen funds worth $2.6M recovered by Multichain

Multichain, a cross-chain router protocol, announced the recovery of approximately half of the total stolen money, worth nearly $2.6 million in cryptocurrency, after a month-long fight against a continuing exploit. The team has also announced a compensation plan to compensate users for their losses.

Dedaub, a blockchain security expert, notified Multichain about two vulnerabilities in its liquidity pool and router contracts, which affect eight cryptocurrencies including wrapped ETH (WETH), wrapped BNB (WBNB), Polygon (MATIC), and Avalanche (AVAX). As an emergency damage control measure, the Multichain team urged users to cancel authorization for the susceptible smart contracts. However, as reported by Cointelegraph, the warning notice prompted other hackers to try the vulnerability, resulting in losses of more than $3 million. 

According to Multichain, 4,861 of the 7,962 impacted users have revoked authorization, with the remaining 3,101 addresses being advised to do so as quickly as possible. The team was able to retrieve 912.7984 WETH and 125 AVAX (valued almost $2.55 million and $10,000, respectively) out of the 1,889.6612 WETH and 833.4191 AVAX stolen monies.

Multichain has invited users to rescind their permission and submit a ticket on the website in order to be eligible for compensation through refund of damages.

It’s a wrap for this story.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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