Blockchain security and analytics firm Chainalysis has suggested that the multimillion-dollar exploit of the Multichain Protocol could be indicative of a rug pull.
Multimillion Dollar Exploit Was Inside Job?
The cross-chain bridge protocol Multichain has fallen victim to a multimillion-dollar exploit that Chainalysis believes is an inside job. The incident, which took place on July 6, 2023, involved unauthorized withdrawals of an unusually large scale and resulted in a staggering loss of around $130 million.
The aftermath of this exploit has left the blockchain community stunned, as Multichain was once regarded as a promising cross-chain bridge protocol. However, with the suspicion of an inside job, questions arise regarding the integrity and security practices within the organization.
Hacker Seized MPC Keys
Chainalysis expressed its suspicions in its July 10th blog post calling the situation “a hack or rug pull by insiders.” This aligns with the prior claims made by blockc
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