Multichain recently reported that it was under a hack attack and $126 million worth of altcoins had been stolen from its smart contracts.
Altcoin Exits Are Occurring After Multichain Hack Event
Multichain has witnessed a significant increase in abnormal exits over the past 12 hours. Specifically, all assets involved in these abnormal exits were transferred to a new address: 0x1e…477b, with an estimated total value of approximately $117 million.
Specific details of abnormal outputs are as follows:
A total of 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT and 52 BTC were transferred from Fantom.
2,891 WETH and 8.7 million USDC debuted from Arbitrum.
Moved 209,000 USDC and 50.8 BTCB from BNB Chain.
2.38 million DAI, 33.76 WBTC.e, 667.4 WETH, 9 million USDC and 616,000 DAI were transferred from Avalanche.
19.95k USDC, 5,582 WETH and 7.05 WBTC flowed out of Cronos.
237.6k USDC moved from Polygon.
37,000 USC transferred from Moonbeam.
21.91 WBTC and 10.36 million DAI were included in the exit from Optimism.
Finally, an outflow of 15,000 DAI was observed from Ethereum.
These anomalous exits have raised concerns within the Multichain community and the wider cryptocurrency ecosystem. It attracted attention due to the size of the assets transferred to the new address, its potential impact on the market and the possible motivations behind these movements.
The exact reasons behind these abnormal outputs and their effects have yet to be determined. Investigations are likely ongoing to determine the nature of these transfers and whether they were part of any malicious activity or the result of legitimate transactions.
*Not investment advice.