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Sirwin

Anyswap was hacked, and losted $12M!

By Crypto4you23 | Cryptoanswers22 | 7 Jul 2023


Project of cryptocurrency loses $12 million in alleged hack and recommends users not to use the service.

The project promises a solution for blockchain interoperability, having its own cryptocurrency, but it has a wide history of losses.

The Multichain, formerly known as Anyswap, appears to have suffered another attack on its platform. In an announcement posted on their social media channels, the team states that cryptocurrencies "were moved to an unknown address in an abnormal manner."

Analysis companies estimate that the amount lost is equivalent to US$ 125 million.

The track record of Multichain is not positive, requiring courage for users to continue using their services.

In January 2022, the platform was already hacked, but the hacker returned $125 million, allowing the project to survive.

Then, at the end of May this year, the project's CEO disappeared just as the project's network experienced issues.

Without access and skills to address the problem, the development team was left with no solution, and the MULTI cryptocurrency lost 50% of its value.

No one knows for certain if it was a hack; the team only recommended that users refrain from using their services.

The announcement made by the Multichain team comes one day after Binance, the largest cryptocurrency exchange, suspended support for projects associated with MULTI.

In the statement, users are recommended to stop using the services.

"The locked assets in the Multichain MPC address have been moved to an unknown address in an abnormal manner," the team reported, without confirming that it is a hack.

"The team is unsure of what happened and is investigating."

"It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain."

According to Arkhan Intelligence, an on-chain analysis company, the losses amount to US$ 125 million.

Community investigations mention personal issues of the Multichain CEO, but there is no evidence linking him to the misappropriation of funds.

"There are rumors that Multichain founder Zhao Jun is being investigated by the police," journalist Colin Wu pointed out.

According to Loki Zeng, a former Huobi executive, there are several reasons to believe that the theft is not a hack.

In a post written in Chinese, Zeng lists various reasons that strengthen his thesis.

For example, Zeng notes that the attacker did not rush and conducted a test transfer (of $2) before moving the $125 million, and the funds remain stagnant.

"The 'attack method' is very simple, it's a simple transfer operation, there's no contract, and there's a test.

The intruder is probably not a hacker."

Cryptocurrency MULTI hits its lowest price Due to Multichain's extensive history of failures, including hacks, technical glitches, and dependence on its controversial CEO, the price of the MULTI cryptocurrency has been plummeting since its listing on major exchanges.

Currently trading at $2.77 at the time of this writing, Multichain (MULTI) reached its lowest level on Friday (7).

The losses amount to 92.8% compared to its all-time high.

Lastly, the team also stated that there is no set date for the resumption of activities and once again recommended that users do not use the platform.

"The Multichain service is currently suspended, and all bridge transactions will be stuck on the source chains.

There is no confirmed date for the resumption [of activities]," wrote Multichain. "Please refrain from using the Multichain bridge service at this time."

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