PSA - Multichain Bridge Hacked.
07 Jul 2023, 01:48
⚠️ PSA - Multichain Bridge Hacked ⚠️
It seems that the Multichain decentralized bridge has been hacked and the liquidity pools of certain assets drained.
Currently, the Multichain bridge has been stopped, and we advise you to revoke all contract approvals related to Multichain
We will keep you updated as soon as we have more information about this issue.
Same news in other sources
107 Jul 2023, 11:03
🛠 PSA - Multichain Bridge Hack Update
Shibes, On July 6, 2023, the Multichain Bridge solution was compromised, leading to a large amount of funds being drained from its pools. Unfortunately, certain Dogechain assets, mainly USDT and USDC were affected by this exploit.
More precisely, the USDT and USDC pools on the Ethereum side of the bridge were drained, leaving bridged stablecoins on Dogechain in limbo.
However, the $DC tokens locked in the Multichain smart contract haven’t been affected. Nevertheless, the risk remains that the exploiters could use the Multichain bridge to mint new ERC20 $DC tokens and/or drain this pool and try to sell it off on the market.
For this reason, the Dogechain team is working on multiple solutions to prevent this and stop the attack at its roots.
🔸 Centralized Exchanges are advised to halt ERC20 $DC deposits immediately. Major CEXes have already complied with this request.
🔸 The $DC liquidity pool on Uniswap Ethereum has been pulled and bridged back to the Dogechain mainnet, preventing selloffs from malicious actors.
🔸 The Dogechain PoA validator consensus has frozen the Multichain wallet address holding the $DC on the Dogechain mainnet. This removes the possibility of Multichain hackers accessing 6.5b $DC on Dogechain.
⚠️ As a priority, the Dogechain team is currently working on releasing a first-party solution for bridging ERC20 $DC on the Dogechain mainnet.
This solution will allow holders, both retail and institutional, to redeem ERC20 $DC 1:1 for DOG20 $DC.
Note that most centralized exchanges already support the $DC mainnet tokens and will allow most of our userbase to continue to trade them.
Additionally, the $DC DOG20 tokens have exceptional liquidity on Quickswap and Fraxwap on the Dogechain mainnet.
To summarize 👇
- $DC DOG20 (mainnet) tokens haven't been affected by the exploit.
- ERC20 $DC token token holders will be able to redeem them for $DC mainnet tokens, rendering the exploit immaterial.
- You sill still be able to trade $DC DOG20 on major CEX and DEX.
- DO NOT USE Multichain to bridge ERC20 $DC. The bridge has been halted, and the smart contract is frozen on Dogechain. Please be patient for the implementation of our first party solution.
Please stay tuned for updates regarding our native solution to redeem ERC20 $DC to mainnet $DC tokens.
♻️
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PSA - Multichain Bridge Hack Update.
🛠 PSA - Multichain Bridge Hack Update
Shibes, On July 6, 2023, the Multichain Bridge solution was compromised, leading to a large amount of funds being drained from its pools. Unfortunately, certain Dogechain assets, mainly USDT and USDC were affected by this exploit.
More precisely, the USDT and USDC pools on the Ethereum side of the bridge were drained, leaving bridged stablecoins on Dogechain in limbo.
However, the $DC tokens locked in the Multichain smart contract haven’t been affected. Nevertheless, the risk remains that the exploiters could use the Multichain bridge to mint new ERC20 $DC tokens and/or drain this pool and try to sell it off on the market.
For this reason, the Dogechain team is working on multiple solutions to prevent this and stop the attack at its roots.
🔸 Centralized Exchanges are advised to halt ERC20 $DC deposits immediately. Major CEXes have already complied with this request.
🔸 The $DC liquidity pool on Uniswap Ethereum has been pulled and bridged back to the Dogechain mainnet, preventing selloffs from malicious actors.
🔸 The Dogechain PoA validator consensus has frozen the Multichain wallet address holding the $DC on the Dogechain mainnet. This removes the possibility of Multichain hackers accessing 6.5b $DC on Dogechain.
⚠️ As a priority, the Dogechain team is currently working on releasing a first-party solution for bridging ERC20 $DC on the Dogechain mainnet.
This solution will allow holders, both retail and institutional, to redeem ERC20 $DC 1:1 for DOG20 $DC.
Note that most centralized exchanges already support the $DC mainnet tokens and will allow most of our userbase to continue to trade them.
Additionally, the $DC DOG20 tokens have exceptional liquidity on Quickswap and Fraxwap on the Dogechain mainnet.
To summarize 👇
- $DC DOG20 (mainnet) tokens haven't been affected by the exploit.
- ERC20 $DC token token holders will be able to redeem them for $DC mainnet tokens, rendering the exploit immaterial.
- You sill still be able to trade $DC DOG20 on major CEX and DEX.
- DO NOT USE Multichain to bridge ERC20 $DC. The bridge has been halted, and the smart contract is frozen on Dogechain. Please be patient for the implementation of our first party solution.
Please stay tuned for updates regarding our native solution to redeem ERC20 $DC to mainnet $DC tokens.
♻️ https://bit.ly/3O4RgYw
Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family! 🚀
Website I Twitter I Discord I TikTok I Reddit I Blog I Instagram