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Following a $126 million hack, cross-chain protocol Multichain has confirmed that it is processing bridge transactions again after 117 days of downtime. Blockchain data indicates that the backlog of queued transactions has declined to a single pending transaction. While some transactions have been confirmed on their destination chains, others show as confirmed in the Multichain explorer but remain unconfirmed on the destination chain.
Web browsers with the MetaMask wallet extension currently display a warning when users attempt to access the Multichain explorer due to the recent hack. However, the explorer can be viewed using browsers without a Web3 wallet installed. Cointelegraph advises against connecting to Multichain with a wallet app, noting that the site itself may also be unsafe.
The transactions appear to originate from a small number of addresses, suggesting they may be an attempt by the attacker to move funds or part of a recovery effort by the team. As of 9:30 pm UTC, only one transaction was listed as pending on Multichain’s explorer.
According to the Multichain block explorer, transactions began confirming at approximately 9 am on November 1.
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Some transactions have been successfully confirmed on destination chains. For example, a deposit of approximately 20 DAI from Ethereum to Avalanche was confirmed on Avalanche at 1:56 pm UTC. In contrast, a deposit of 0.1 BTC from Ethereum to Polygon at 2:44 PM shows as confirmed in the Multichain block explorer but has not yet been confirmed on Polygon.
Blockchain analytics platform Cyvers detected the resumption of transactions in the morning and shared the information on X (formerly Twitter).
UPDATE On July 6th, @MultichainOrg faced a $126M hack! We have detected real time
But today exciting news! @MultichainOrg has resumed processing bridge transactions after 117 days of downtime.
Many bridge transactions successfully went through.
We’re closely… https://t.co/KoizCgXYeJ pic.twitter.com/Nw4muay5xE— Cyvers Alerts (@CyversAlerts) November 1, 2023
Some sending accounts show multiple transactions on November 1, indicating that the senders were confident the protocol would function correctly.
This is a developing story, and further information will be added as it becomes available.
