• Fantom (FTM) founder Andre Cronje says a recent exploit of cross-chain bridge Multichain was a massive setback for the Ethereum (ETH) rival.
• The exploit resulted in at least $126 million of coins being stolen, including Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), and stablecoins.
• The Fantom team is exploring all options to make everyone whole and looking into other backstops or helping recovery.
Fantom’s Multichain Hack
Fantom (FTM) creator Andre Cronje says that the recent exploit of cross-chain bridge Multichain was a massive setback for the Ethereum (ETH) rival. Writing in the community’s forum, Cronje says that the Fantom team was misled about the true security level of Multichain.
Assets Stolen
The exploit resulted in at least $126 million of coins being stolen, including Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), and a trio of stablecoins.
Total Value Locked Decrease
According to market analytics tool DefiLlama, Fantom’s total value locked (TVL) has fallen drastically, from $200 million before the incident to $67 million today.
Multichain Shuts Down
Multichain has since shuttered its operations, saying that its CEO was arrested by Chinese authorities in May and has not been in contact with the blockchain’s team ever since.
Fantom Team Exploring Options
Cronje also says that he and his team plan to seek solutions that will make all victims of the Multichain hack whole. “We are exploring all options at this point, working with relevant organizations to try and recover assets. Beyond that also looking into other backstops or helping recovery, even using foundation treasury. Until we have more data we just can’t give any hard confirmations. We won’t leave this as is though, we will do everything in our power to make everyone whole.”