The Fantom Foundation, the team behind the Fantom (FTM) blockchain platform, has announced that it will do everything in its power to compensate users after a major hack on the Multichain bridge.
The Multichain bridge, which allows users to transfer assets between different blockchains, was shut down after its CEO was arrested by the Chinese police. In the previous hack, a large amount of crypto money was stolen.
Fantom founder Andre Cronje said in an official statement that the foundation is working with relevant organizations to recover the stolen assets. Cronje also said that the foundation is ready to use its own treasury to cover compensation to users if necessary.
Cronje admitted that the Multichain bridge was a huge blow to Fantom and received a lot of assurance from the Multichain team about the bridge’s security and decentralization.
He said that Fantom continues to engage with teams of Circle, Tether, TrueUSD, Binance for local token issuance, and is also exploring other options such as rollups for local bridge infrastructure.
Cronje promised to propose a plan of action as more verifiable information becomes available.
*Not investment advice.