Multichain Bridge Exploit: Trader’s $280K Becomes $1.9 M Windfall
A wallet address has managed to transform nearly 1.9 million Fantom tokens, initially worth $280,000, into $1.9 million after the long-frozen Multichain Bridge momentarily opened.
The Multichain Bridge, which had been inactive since its exploitation back in July 2023, opened and quickly closed on November 1st.
Capitalizing on this opportunity, a wallet address used depegged assets, such as Wrapped Bitcoin (wBTC), which were priced lower on the Fantom network compared to their equivalents on the Ethereum network to generate millions in profits.
looks like someone was able to drain ~$1MM from @MultichainOrg in the last ~3 hours even though it's supposed to be frozen
withdrew 1.2MM $FTM from binance on @FantomFDN
traded for multichain WBTC/ETH/USDT
bridged out and deposited back to binancehttps://t.co/pP5GluGUH1 pic.twitter.com/AbUJVQBmds
— devops199fan
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