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Coinbase Suspends MULTICHAIN Trading Due to Security Issues – Additional Assets Impacted as Well
Coinbase, the prominent cryptocurrency exchange based in the United States, has announced a trading suspension for the crypto asset associated with the bridge platform Multichain (MULTI), with the action set to take effect on September 6th. This decision follows a cautionary notice from Multichain, which advised its users against utilizing its services.
Multichain has been facing various challenges, including the unexplained absence of its CEO, Zhao Jun. Earlier this year, the platform’s team alerted that Zhao Jun was missing amid ongoing technical issues. “The team has made significant efforts to keep the protocol functioning, but our attempts to contact CEO Zhao Jun and obtain necessary server access for maintenance have encountered obstacles,” the company lamented.
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PeckShield, a cybersecurity firm, has revealed a startling incident where malicious entities managed to extract an astonishing $126 million in assets via Multichain’s Fantom (FTM) bridge. The developers halted the project due to this significant security breach, resulting in all bridge transactions being stranded on the source chains. In a disheartening statement, the company acknowledged, “The Multichain service is currently offline, and the timeline for resuming services remains unclear.” We strongly advise against utilizing the Multichain bridging service at this moment.”
Coinbase, a trailblazer in the cryptocurrency exchange sector, is known for meticulously evaluating the digital assets it lists. The exchange has recently conducted a review of its listed cryptocurrencies to ensure compliance with its stringent listing criteria. Consequently, in addition to Multichain (MULTI), five other assets, including BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX), are also facing support suspension across various Coinbase platforms, including Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Security issues continue to be a significant concern in the rapidly evolving cryptocurrency landscape. The Multichain situation serves as a stark reminder that even established platforms can be susceptible. As Coinbase takes decisive measures to safeguard its users and uphold its integrity, the cryptocurrency community awaits with anticipation, hoping that security vulnerabilities will be addressed with resolute action and that the industry will emerge stronger, safer, and more resilient.
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