Crypto Bridges Exploited, Multichain MPC Bridge Sees $100M+ Outflows

Abnormally large outflows from the Multichain MPC bridge platform have raised concerns of a potential exploit, as approximately $102 million worth of cryptocurrency was withdrawn from Multichain's Fantom bridge on the Ethereum side, along with significant amounts from Dogechain and Moonriver. On-chain sleuths and blockchain security firm PeckShield have labeled the event as a possible hack, while the Multichain team is currently investigating the abnormal movements and has advised users to suspend the use of Multichain services and revoke all contract approvals. Multichain has been facing technical problems in recent weeks, including delayed transactions and the CEO going missing.