Multichain Retrieves Stolen Funds Worth $2.6 Million, To Compensate Affected Users

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The cross-chain bridge was able to retrieve about half of the entire funds stolen and has developed a compensation scheme for affected users.

Multichain, formerly Anyswap, is a cross-chain router technology that allows users to swap cryptocurrency between chains while lowering fees and optimizing the process.

Over $2.6 Million Recovered

Multichain, a famous cross-chain gateway protocol, has reported the retrieval of approximately 50% of the total hacked funds, worth roughly $2.6M in crypto, after a fight against a persistent breach that lasted for about a month. Also, the team has launched a compensation plan to compensate affected users who lost their funds in the process.

Dedaub, who is an expert in blockchain security, notified the company on the 10th of January about two bugs in its router contracts and liquidity pool, which threatened eight coins including Avalanche (AVAX), wrapped BNB, wrapped ETH (WETH), and Polygon (MATIC).

The company’s team ordered users to cancel all authorizations for the exposed smart contracts on the 18th of January, as a kind of swift damage mitigation. But, Cointelegraph,has reported that the alarm prompted other fraudsters to exploit the vulnerability, which led to losses worth over $3M.

The Company Has Fixed The Issue

Multichain reported that the liquidity pool’s vulnerability has been fixed, by updating the liquidity of the impacted coins to other contracts. The report from the company stated:

“Nevertheless, users who still haven’t revoked authorization for the impacted router contracts are still in danger. Furthermore, the approvals must be revoked by the users directly.

Number of Users Who Have Cancelled Their Transactions

On the 18th of February, about 4,861 out of the 7,952 users affected had withdrawn their approvals. The 3,101 wallet addresses left have been ordered to do so urgently. The developers were able to retrieve 125 AVAX and 912.7884 WETH (valued at almost $10,000, and $2.55M respectively) from the 833.4191 AVAX and 1,889.6512 WETH monies stolen.

Netflix To Launch A Documentary On Crypto Laundering

Netflix has announced its intention to release a documentary film based on the role of a couple in New York in embezzling BTC connected to the Bitfinex breach soon.

As noted by Cointelegraph, American director Chris Smith will produce the film, while Nick Bilton will serve as co-producer. The message read:

“Netflix has approved a documentary film based on the alleged attempt of a couple to launder bitcoin worth billions in the world’s largest financial fraud case.”

Recently, a series of cyberattacks have been carried out against cryptocurrency platforms with users losing coins worth millions of dollars.


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