Crypto Hacks: Multichain Fantom Bridge Drained of $126 million; Aptos Twitter Account Gets Hacked

In a concerning turn of events, Multichain faced another blow as the Fantom bridge of Multichain was targeted by hackers, resulting in the loss of $126 million worth of assets.

Simultaneously, Aptos Network, fell victim to a Twitter account hack, leading to the spread of false information and potential risks for its users.

Aptos Network Falls Victim to Twitter Account Hack

On July 7, Aptos Network’s Twitter accounts, including that of its CEO Mo Shaikh, were infiltrated by bad actors, who proceeded to disseminate deceptive details about a fraudulent airdrop. Users were urged to exercise caution and refrain from engaging with any suspicious posts related to the incident.

The hacker’s tweet claimed that participants could acquire free APT tokens on the APT network through the airdrop, asserting that over $1 million had already been claimed. Additionally, the compromised CEO’s tweet suggested that the APT coin had the potential to surpass all other cryptocurrencies in value. Aptos Labs promptly clarified via Twitter that the Aptos Foundation account had been compromised and disavowed the legitimacy of the APT airdrop, highlighting the misleading and clickbait nature of the fraudulent tweets.

This breach once again highlights the vulnerability of social media accounts to cyberattacks and the subsequent threats faced by crypto holders. Such incidents continue to be a major concern for industry teams, who strive to bolster security measures to protect users’ funds.

Multichain Suffers $126M Loss in Fantom Bridge Exploit

The same day, Multichain’s Fantom bridge encountered a devastating security breach, resulting in the loss of $126 million in various assets. Among the affected cryptocurrencies were WBTC, USDC, DAI, wETH, and Link.

Multichain promptly tweeted that the assets stored in the Multichain MPC address had been illicitly transferred to an unidentified address. As a precautionary measure, Multichain advised users to suspend the use of their services and revoke all contract approvals. Michael Kong, CEO of the Fantom Foundation, acknowledged the incident and assured the community that the matter was being thoroughly investigated.

This unfortunate event adds to the challenges faced by Multichain, as it has recently experienced a drop in its token’s value amid rumors of arrests. Furthermore, Binance has halted support for eight Multichain bridge tokens, fueling ongoing debates about the protocol’s stability. The issue stemmed from concerns related to the protocol’s cross-chain routes.

Crypto Community Grapples with Continuing Hacks and Losses

The hacking of Aptos Network’s Twitter account serves as yet another reminder of the alarming number of security incidents plaguing the cryptocurrency industry in 2023. This year alone, numerous hacks and phishing scams have resulted in hundreds of millions of dollars in losses.

The most substantial incident thus far occurred in March when Euler Finance suffered a staggering $197 million loss due to a flashloan exploit—a technique frequently employed by malicious actors. The recent Multichain exploit stands as the second-largest hack of the year.

In another disheartening event, Atomic Wallet experienced a $100 million loss as a result of compromised private keys.

The persisting occurrence of such security breaches underscores the urgent need for enhanced measures to protect users and their valuable crypto assets. The cryptocurrency community remains committed to combatting these challenges and fostering a more secure environment for all stakeholders involved.

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