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Hackers have returned the stolen 259 Ethereum to the decentralized finance platform “Multichain”…details here

Hackers have returned the stolen 259 Ethereum to the decentralized finance platform “Multichain”…details here

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Answer Hackers have returned the stolen 259 Ethereum to the decentralized finance platform “Multichain”…details here

Security concerns remain one of the main obstacles facing the development of the crypto and blockchain space.

Recently, Multichain users were criticized for an unresolved vulnerability that surfaced earlier this week and the platform failed to act on it in time.

Later, Multichain management revealed that a white hat hacker had returned 259 Ethereum, worth approximately $813,000.

Exploiting the Multichain platform:

It all started when Multichain announced a flaw that made several accounts vulnerable to malicious attacks.

The Multichain team urged users to revoke approvals for six cryptocurrencies:

WETH, PERI, OMT, WBNB, MATIC, AVAX

Read:OKEx announces plans to expand to more than 20 new states

This is in order to protect their assets, a measure that inevitably pushes hackers to rush and exploit the vulnerability.

According to Multichain, three hackers embezzled $1.9 million worth of Ethereum.

The ZenGo co-founder estimated that the total amount stolen likely exceeded $3 million.

A hacker pulled $1.43 million from users who failed to update their consent.

Another pirate offered to return 80% and keep the remaining $150,000.

Mess:

Users were left confused after Multichain said in a deleted tweet that the funds were safe even when the exploit was in progress.

Several Multichain victims have demanded compensation and even accused the scammers of trying to impersonate the company to steal more users’ money.

Read:After his name was released on the crypto rich list… the founder of Binance declares what he owns!

The bug was first reported by security firm Dedaub, but Multichain’s management claimed that the bug had been fixed.

The Multichain project, formerly known as Anyswap, is a blockchain protocol that enables users to exchange and exchange digital currencies across networks.

Read:Binance adds margin trading for NEO and XMR

When you do this, it greatly reduces fees and simplifies the entire process.

The company raised $60 million in an initial funding round led by Binance last December.

The latest hack comes on the heels of CryptoCom’s admission of the exploit in which hackers stole more than $30 million on January 17.

Earlier, CryptoCom announced the suspension of withdrawals after a slew of complaints from users who claimed that their funds had disappeared.

But the company did not officially acknowledge the hack until Thursday, after it was repeatedly accused of concealing the truth.

Read also:

Sending $1 billion in Tether USDT from Tether Treasury to Binance…what does that mean?

Lucky Ethereum Miner Receives $540K Reward…Details Here


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