In a significant incident that has sent shockwaves through the cryptocurrency community, the Multichain Fantom bridge was recently exploited, resulting in a staggering loss of approximately $126 million. The exploit involved the unauthorized transfer of assets valued at around $118 million. This incident serves as a stark reminder of the security risks associated with decentralized financial systems and the need for constant vigilance.
During the exploit, various tokens with an estimated worth of $16 million were sent. Among the tokens transferred were popular cryptocurrencies such as DAI, LINK, and USDT. This unauthorized movement of funds highlights the vulnerability of the Multichain Fantom bridge and the potential financial implications for affected individuals and organizations.
Significant Transfers of USDT and USDC
In addition to the initial transfer, the exploit involved further movement of funds. Approximately $27.6 million worth of USDT and $30 million worth of USDC were sent Respectively. The scale of these transfers underscores the magnitude of the security breach and its impact on the affected cryptocurrency ecosystem
Large-scale Movement of wBTC and wETH
The exploit also involved the transfer of a substantial number of wrapped Bitcoin (wBTC) and wrapped Ethereum (wETH) tokens. Specifically, 1,023 wBTC tokens, equivalent to approximately $30.9 million. Additionally, 7,214 wETH tokens, valued at around $13.6 million. These transfers further compound the significant losses resulting from the exploit.
$7.5 Million Worth of Cryptos Transferred from Multichain Moonriver Bridge
Adding to the alarming series of events, approximately $7.5 million worth of cryptocurrencies were illicitly transferred out of the Multichain Moonriver Bridge. These funds were subsequently moved , further expanding the impact of the security breach. The cumulative effect of these unauthorized transactions is a cause for concern within the cryptocurrency community.
Conclusion
The exploitation of the Multichain Fantom bridge, resulting in the loss of $126 million, has highlighted the vulnerability of decentralized financial systems
