The cross-chain router protocol was able to get back about half of the money that was stolen. It also came up with a plan for compensating people who were right for it.
Some of the stolen money has been found after a month-long fight with a bug in the cross-chain router protocol Multichain. That’s almost half of the $2.6 million in cryptocurrencies that were taken. The team has also come up with a way to pay back the people who lost money.
Cryptocurrency expert Dedaub told Multichain about two flaws in its liquidity pool and router contracts on January 10. These flaws could affect eight cryptocurrencies, including wrapped ETH, wrapped BNB, Polygon, and Avalanche (AVAX).
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
A week later, on Jan. 18, the Multichain team told users to revoke their permissions for the smart contracts that were vulnerable. This was a quick way to fix the problem. However, as reported, the warning announcement led more hackers to try the exploit, which led to losses of more than $3 million.
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
Multichain says that the vulnerability in the liquidity pool was fixed by moving the tokens that were affected to new contracts, and then adding that:
“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.”
As of Feb. 18, Multichain said that 4,861 of the 7,962 people who were affected had revoked their permissions. They told the other 3,101 people to do the same as soon as possible. There were 1,889.6612 WETH and 833.4191 AVAX stolen. The team was able to get back 912.7984 WETH and 125 AVAX (worth about $2.55 million and $10,000).
Even though we did everything we could, 976.8628 WETH was stolen, says Multichain. Multichain wants users to revoke their permission and make a ticket on the website so that they can get money back for their losses. Because of this, we will no longer cover any losses that happen after February 18 at 24:00 UTC.
In the near future, Netflix will make and launch a documentary series about a New York-based couple and their involvement in laundering Bitcoin (BTC) linked to the Bitfinex hack, which Netflix will make and show.
American filmmaker Chris Smith will direct the film, and Nick Bilton will be the co-executive producer. The notice said:
“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.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.