CZ: Binance User Assets Safe After Multichain Hack
• Binance CEO Changpeng Zhao (CZ) recently announced that Binance users, assets, and platform were unaffected by the recent hack on the cross-chain router protocol Multichain.
• The hack resulted in abnormal outflows of approximately $58 million in USDC, $13.6 million WETH, and $31 million in WBTC from Multichain’s Ethereum contract.
• CZ offered assistance but Binance will continue to end deposit and withdrawal support for several Multichain-bridged tokens.
Multichain Exploit Affects Various Cryptocurrencies
Recently, the cross-chain router protocol Multichain experienced an exploit resulting in abnormal outflows of several cryptocurrencies from its bridge contracts to an unknown address. On-chain data shared by blockchain security firm PeckShield showed that transactions on the Multichain Fantom bridge involved the movement of approximately $58 million USD Coin (USDC), $13.6 million Wrapped Ether (WETH), and $31 million Wrapped Bitcoin (WBTC). In addition, about $5.9 million and $666,000 were withdrawn from the Multichain Moonriver and Dogechain bridge contracts on Ethereum respectively, leaving only a fraction of their original amount remaining. Altogether more than $109 million was moved from Multichain’s MPK bridges across various blockchains including Ethereum and Tron during this exploit.
Binance Unaffected by Hack
Changpeng Zhao (CZ), CEO & founder of leading crypto exchange Binance announced that his company’s users, assets & platform were unaffected by this exploit as they had already finalized all asset swaps & closed deposits prior to it occurring. CZ also offered assistance if needed but stated that Binance will continue with its decision to end deposit & withdrawal support for several Multichain-bridged tokens affected by this incident; such as AUDIO, MCHN, TRC20-USDT & USDJ etc..
Multichain Requests User Action
The reason behind this exploit is yet unknown however; Multichain has asked users to revoke all approvals related to its contracts so as to protect their funds from any further theft or loss due to similar exploits in future.
Binance Users Protected From Losses
Thankfully though, Binance users have been protected from any losses since their funds were safe with them before this incident occurred; highlighting once again why it’s always best practice for traders & investors alike to store their cryptocurrency holdings off exchange wallets until ready for use/trade purposes!
While there is still much uncertainty surrounding the cause & extent of losses incurred due to this incident; at least we can rest assured knowing that our funds are safe with us – regardless of what may happen elsewhere!