MultiChain Recovered $2.6 Million Stolen Funds To Reimburse Losses

Multichain recovered $2.6 million of the stolen funds to reimburse the losses of the users as the cross-chain router protocol actually recovered about 505 of the total stolen funds so let’s read further in today’s latest cryptocurrency news.

After a month-long fight against the exploit, the cross-chain router protocol Multichain recovered $2.6 million of the stolen funds of crypto and the team also released a compensation plan to return the funds to the affected users. Blockchain security expert Dedaub alerted the platform about two vulnerabilities in the liquidity pool and router contracts that affected eight cryptocurrencies including wrapped ETH, wrapped BNB, Avalanche, and Polygon.

The @MultichainOrg hack is far from being over.
Over the last hours more than additional $1M stolen, rising the total stolen amount to $3M.
One victim lost $960K!https://t.co/fYhYxUojB8 pic.twitter.com/Gvh5hB6t6s

— Tal Be'ery (@TalBeerySec) January 19, 2022

The Multichain team advised the users to revoke the approvals for the smart contracts as a means of immediate damage control but as per the reports, the announcement encouraged the hackers to try the exploit resulting in losses of $3 million. As per Multichain, the vulnerability of the pool was fixed by upgrading the tokens liqiudity to new contracts:

“However, the risk remains for the users who have yet to revoke approvals for the affected router contracts. Importantly, users themselves have to be the ones to revoke the approvals.”

Multichain reproted that about 4861 out of the 7962 affected users revoked the approvals while advising the rest of 3101 addresses to take action as soon as possible and out of the 1,889.6619 WETH and 833.4191 AVAX stolen funds with the team being able to recover 912.7984 WETH and about 125 AVAX. Multichain confirmed that still about 976.8638 WETH were stolen. To be eligible for compensation via reimbursement, Multichain asked users to revoke their approval and submit a ticket on the website:

“As such, we will no longer reimburse any losses that happen after February 18 24:00 UTC.”

1/3 We recently identified the "phantom functions" code pattern, which would have led to likely the largest crypto hack ever.

Your code may be vulnerable! You need to check for the pattern in your Solidity/EVM code! https://t.co/pxRqCQFbnS

— Dedaub (@dedaub) January 27, 2022

Netflix will produce and will launch a documentary series around a New York-based couple and their involvement in laundering BTC linked to the Bitfinex hack. The documentary will be directed by the American filmmaker Chris Smith with Nick Bilton as the co-executive producer:

“Netflix has ordered a documentary series about a married couple’s alleged scheme to launder billions of dollars worth of stolen cryptocurrency in the biggest criminal financial crime case in history.”

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• Source: https://www.dcforecasts.com/altcoin-news/multichain-recovered-2-6-million-stolen-funds-to-reimburse-losses/