Multichain Bridges Exploited, Crypto Assets Lost in $130M Scandal

Multichain, a cross-chain router, has confirmed an exploit that affected $130 million in user-supplied tokens, urging users to suspend its services and revoke contract approvals. The exploit impacted bridges on the Fantom, Moonriver, and Dogechain networks, resulting in significant outflows of various tokens. Stolen tokens have not been sent to exchanges or mixing services, and related tokens such as Fantom (FTM), Moonriver (MOVR), and Dogechain (DC) have experienced price drops. Bridges, which facilitate token transfers between networks, have been a vulnerable target, with billions lost to bridge-based exploits in recent years.