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- Either an unauthorized individual has accessed the account or the administrator.
- Multichain announced that it will be temporarily halting services.
On-chain analyst Lookonchain reported that Fake_Phishing183873 acquired 5,434 ETH after exchanging 10.2M $USDT received from Multichain via the anyUSDT Token address. Furthermore, yesterday, Fake_Phishing183873 obtained 67.76 $WBTC ($2.05M) from Multichain to the anyWBTC Token address.
Fake_Phishing183873 received 10.2M $USDT from #Multichain: anyUSDT Token address 7 hrs ago and swapped 10.2M $USDT for 5,434 $ETH at a price of $1,878.
Additionally, Fake_Phishing183873 also received 67.76 $WBTC($2.05M) from #Multichain: anyWBTC Token address yesterday. pic.twitter.com/TpZMfw7zLp— Lookonchain (@lookonchain) July 10, 2023
The withdrawal was initiated by the MPC address. This suggests that either an unauthorized party has accessed the account or the administrator is relocating funds for security purposes. Cybercriminals continue their relentless attacks, with a phishing link being widely circulated on Twitter shortly after the Multichain incident.
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Trapping Users Through Phishing Links
There has been considerable discussion on Twitter regarding the fraudulent distribution of Fantom (FTM) to users, which has been misleadingly linked to the Multichain breach. Victims were deceived into clicking on a phishing link that appeared to originate from the non-profit Fantom Foundation, which oversees the Fantom network.
As a consequence of the purported exploitation of the cross-chain router protocol Multichain, stablecoin issuers Circle and Tether have frozen around $65 million in assets. This action was taken following a significant outflow of funds on July 6 from the Multichain MPC bridge.
The 0xScope knowledge graph protocol indicates that the funds in at least three wallets that received USDC from Multichain have been frozen. Reports suggest that over $2.5 million in Tether USDT was frozen from two addresses listed on Etherscan’s “Multichain Suspicious Addresses.” The cause of the unusual wealth transfer remains unclear.
Multichain announced on Twitter that it will be temporarily suspending current services, although no date for resumption was provided.
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