Cross-chain protocol Multichain suffers $1.34 million exploit
The cross-chain protocol Multichain (formerly known as Anyswap) has been exploited for $1.34 million, according to security researchers at PeckShield.
The vulnerability affected six cross-chain tokens
According to a blog post by Multichain (MULTI), a vulnerability was found affecting six cross-chain tokens on the platform. The vulnerability was identified by crypto-security firm Dedaub and has since been fixed. According to the report, the flaw affects six tokens, including Ethereum (WETH), PERI Finance (PERI), Mars Token (OMT), Wrapped Binance Coin (WBNB), Polygon (MATIC), and Avalanche (AVAX).The problem, however, is that the protocol failed to fix the bug, so previous users who had interacted with the protocol were not affected. Instead, users had to manually go to their wallets and revoke previously granted permissions to the protocol. Many users did not do this and the bug is now being exploited. Following the release of this news, Multichain confirmed that the bug is being exploited and reiterated that users need to revoke permissions to protect their funds.
Not the first time the protocol has been exploited
Multichain is the largest cross-chain swap protocol and manages $8.3 billion in its smart contracts. It runs across ten blockchains and supports 1,366 tokens. Multichain was hacked back in July last year when it was still called Anyswap. Its V3 bridge was exploited, with hackers stealing USDC and Magic Internet Money (MIM) worth more than $3 million.Crypto.com was the first centralized crypto exchange to fall victim to a cryptocurrency hack in the new year. Several users complained that their crypto balances were mysteriously reduced, with some reporting that all of their cryptocurrency was gone. Crypto.com has addressed the issue. In a tweet, the company announced that it had stopped all withdrawals and assured users that the funds were safe.
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