All incidents · Jul 6, 2023
Locked Multichain assets were moved out abnormally
MultichainBridgeContainedEthereum, Fantom, Moonriver
On July 6, 2023, Multichain said locked assets on MPC addresses were moved abnormally to an unknown address. The team was not sure what had happened, and it stopped cross-chain service. Decrypt, citing PeckShield, wrote this transfer as about $126 million. Forbes wrote $120 million. On July 14 the project said the chief executive had been taken away by police, and the team stopped operations.
Other figures
- Loss120million USDForbes · as of Jul 7, 2023
Sequence
Newest first · UTC
Jul 142023 · Fri
The project said the chief executive had been taken away, and the team stopped operations
Statement · Multichain · @MultichainOrg
The Block recorded Multichain's statement of July 14. The project said that on May 21 chief executive Zhaojun was taken from his home by Chinese police. Computers, phones, hardware wallets, and seed phrases were seized. The MPC node servers sat under his personal cloud account, and the team could not get in. On July 9 his sister moved the remaining user assets to addresses she controlled. The Block wrote that transfer as about $220 million. On July 13 she was also taken away. Where these assets went was uncertain. The team said it lacked information and operating funds, and stopped operations. Police taking people away is the project's account of what happened. It is not an enforcement attribution of the July 6 transfer. The $220 million is not recorded as recovered.
Due to the lack of alternative sources of information and corresponding operational funds, the team is forced to cease operations.
Jul 72023 · Fri
Cross-chain service stopped, and transactions on the source chains would be stuck
Halt · Multichain · @MultichainOrg
A few hours later Multichain said the service had stopped. Cross-chain transactions would be stuck on the source chains. There was no confirmed time to resume. It asked people not to use cross-chain transfers again.
The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed resume time.
Jul 62023 · Thu
Locked assets were moved out abnormally, and the project said the cause was still unknown
Confirmation · Multichain · @MultichainOrg
Multichain said locked assets on the MPC addresses were moved abnormally to an unknown address. The team was not sure what had happened and was investigating. It advised users to stop using Multichain and to revoke the related approvals. This post had no dollar figure. Decrypt, citing PeckShield, wrote the transfer as about $126 million. Forbes wrote $120 million. The total locked on the bridge is not the figure for this transfer.
The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating.