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Multichain Says $1.4M in Ether Siphoned From Users Who Failed to Update Approvals
The cross-chain bridge urged users to remove approvals for six tokens after it was alerted to a security flaw.
Multichain users who didn't update their approvals as instructed yesterday have been exploited and have lost 445 wrapped ether ($1.4 million), the project tweeted on Tuesday.
- On Monday, Multichain instructed its users to remove approvals for six tokens and said otherwise their assets would be exposed to a security vulnerability. The tokens in question were WETH, PERI, OMT, WBNB, MATIC and AVAX.
- Decentralized finance security firm Dedaub first found the flaw, which Multichain said it had fixed.
- Later on Tuesday, crypto security firm PeckShield revealed the wallet address where the stolen funds had been deposited. The address holds 455 ether as of the time of writing.
- Because the users have to be the ones to remove the approvals, there isn't much Multichain can do, PeckShield told CoinDesk in a Twitter message.
- Multichain, formerly Anyswap, is a cross-chain bridge which raised $60 million in December in a seed funding round that was led by Binance Labs.
Read more: Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs
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Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
