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Multichain Users Criticize Company After $3M Hacking Loss

Hacking Loss Market News
  • Multichain users have lost more than $3 million due to a security vulnerability.
  • The users criticize that the company is not unfolding crisp information about the issue.
  • Affected cryptocurrencies include Wrapped Ether (wETH), Official Mars Token (OMT), PERI Finance (PERI), Polygon (MATIC), Wrapped Binance Coin (wBNB), and Avalanche (AVAX).

Hackers have taken advantage of the vulnerability of cross-chain router protocol (CRP) Multichain on January 17, leading to a loss of $3 million.

Consequently, many Multichain users have commented on the company’s Telegram channel and other social media platforms that the company fails to bring forth clear information on the persisting problems and lacks support.

What is more, VICE Motherboard Senior reporter Lorenzo Franceschi-Bicchierai tweeted that the hack against Multichain users is only getting worse.

Chainlink podcaster and commentator ChainLinkGod.eth 2.0 tweeted to more than 130,000 followers:

The complication started earlier this week when Multichain urged its users to cancel approvals for six tokens to protect their assets from security vulnerabilities. These tokens were Wrapped Ether (wETH),  Official Mars Token (OMT), PERI Finance (PERI), Polygon (MATIC), Wrapped Binance Coin (wBNB), and Avalanche (AVAX).

On Tuesday, the company tweeted that hackers had siphoned nearly $1.4 million wETH from the users. In December, Multichain, earlier known as Anyswap, had raised $60 million in a seed funding round led by Binance Labs. Total valuation of the company is $8.8 billion.

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Bahira Maisoon is a researcher and writer for CoinQuora. She specializes in covering news and writing about blockchain and crypto assets to introduce people of all ages to the world of digital assets.