• Multichain Protocol has halted after a $126 million hack.
• Users of the platform have been urged to revoke all approvals associated with it.
• The exploit has sparked a thorough evaluation from the Fantom Foundation.

Multichain Protocol Halts After $126 Million Hack

The cross-chain protocol Multichain (MULTI) has come to an abrupt halt after detecting abnormal fund movements from its MPC address. The exploit, amounting to a staggering $126 million, has sent shockwaves through the blockchain community.

What Is the Hack?

The exploit, reported by blockchain security firm Peckshield , involved the attacker transferring $126 million from Multichain’s Fantom (FTM) and Moonriver (MOVR) bridge. The exploit has resulted in a significant decline in the value of its MULTI token, which fell by over 16% to $2.60 following the attack.

Who Does this Affect?

The hack affects users of Multichain’s protocol. Multichain has advised its users to revoke all approvals associated with the protocol. Fantom Foundation is evaluating the circumstances and will provide updates as they become available.

What Should I Do?

If you are a user of Multichain, it is crucial to follow the advice provided by the protocol and revoke all approvals related to it. Stay updated on the developments shared by Fantom Foundation regarding the incident. Take necessary precautions to safeguard your funds and consider this exploit’s impact on your holdings and investments.

On The Flipside

Although there have been many hacks in recent years that have caused disruption within crypto networks, this latest one involving Multichain is one of largest yet seen in terms of dollar value lost due to an attack . It highlights once again how important it is for users of any digital asset platform or service provider to take proper measures for securing their funds .

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