Has Multichain Exploited Pulling the Rug?

Chainalysis security experts highlighted the possibility of a rug being pulled by the Multichain team. Meanwhile, there were more than $10.2 million in outflows on Tuesday.

Hacks, decentralized finance (DeFi), and rug withdrawals have drained millions of users’ funds. Recently, Multichain lost more than $126 million due to an exploit, but there has been a discussion in the community as to whether it could be a rug pull.

Did the Insiders implement a multi-threaded rug pull?

The blockchain analysis firm Chainalysis has discussion Some of the issues that have led to doubts about whether the Multichain exploit is an inside job.

Fantom Multichain Bridge lost more than $126 million on July 7th. The MPC system was compromised as the hackers gained access to the required threshold keys.

Chainalysis highlighted that there has been turmoil around the project process and core team recently.

In May, BeInCrypto reported that Multichain CEO Zhaojun was gone MissingThere were rumors of his arrest in China. Furthermore, the team kept silent about Zhaojun’s whereabouts. Consequently, Binance has suspended deposits of more than 10 swap pairs on Multichain.

The team claimed that it was unable to perform the necessary maintenance because it lost contact with Zhaojun. Eventually, Binance also stopped supporting eight tokens for the Multichain Bridge.

Learn how to link Ethereum tokens using the Arbitrum Bridge here

Because of various internal problems, there are speculation That exploitation could have been a drag.

Finally, on Monday, another security company, Lookonchain, mentioned The address with the tag “Fake_Phishing183873” received $10.2 million from Multichain.

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