Details of a large-scale cryptocurrency hack worth $ 125 million revealed

Multichain, a platform that provides cryptocurrency transfer services between different blockchains, has suspended its operations after a large-scale cryptocurrency hack — the hacker attack cost the company $ 125 million.

«The team is still not sure what exactly happened, and we are investigating. We recommend that all users suspend the use of Multichain services and revoke all authorizations for contracts related to Multichain,» the company said in a statement. Later, Multichain representatives said that all platform services were suspended, and any transactions through the bridges would be blocked.

MetaSleuth analysts have already found out that the stolen assets worth $ 125 million were distributed to 6 addresses, and some of them were «burned». PeckShield attached a screenshot of the amount, stating that the hackers stole millions of dollars in stablecoins such as USDT and USDC, as well as ETH and BTC.

The hackers even promised that Multichain would return all the lost funds — this message appeared on a website claiming to be the official Multichain. However, in the official Telegram channel of the platform, the administrator under the nickname «David Who» stated that this site does not belong to Multichain. Therefore, this statement can only be considered as part of a malicious campaign against the platform.

There are rumors online that the cyberattack was carried out by a white hacker to test the platform’s security. However, it is currently unknown to what extent these claims are true.

Multichain has previously faced various problems with its platform and even suspended its operation at the end of May this year. However, it has never stopped its work completely until now.