.FantomFDN reveals plans to fund alternative bridge service providers
that the latest hack uncovered by Arkham Intelligence saw about $125 million worth of different tokens stolen from the Multichain Bridge. The firm promptly halted activities to limit the carnage of this exploit.Fantom Foundation acknowledged that Multichain has a larger share as the dominant bridge that serves users within its ecosystem. This situation is becoming unbearable, and the protocol has affirmed it will be seeking alternative solutions.
Per the announcement, the Fantom Foundation said it will be bootstrapping both Axelar Network and LayerZero Labs to help create more sustainable bridges to serve the Fantom community.
While more details on the modalities and the timelines remain unknown, users still need a speedy revival of the Multichain protocol to continue operating as usual.Ideally, the challenges being faced by the Multichain protocol will have a downside impact on Fantom based on their interconnectedness. The hack is presumed to have generally reduced the demand for FTM, as showcased by the 25% slump in the token’s trading volume over the past 24 hours.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Fantom Foundation endorses Axelar, LayerZero amid Multichain concernsThe Foundation endorsed Axelar and LayerZero as alternative bridging solutions for their network following the issues with Multichain.
Consulte Mais informação »
Twitter Phishing Scams Users After Multichain Hack | CoinMarketCapCryptoNews: Scammers have started spreading a phishing link on Twitter, falsely linking it to the recent Multichain hack. 🥸
Consulte Mais informação »
Connext founder proposes ‘Sovereign Bridged Token’ standard after Multichain incidentThe proposal is intended to limit losses from events like the Multichain incident, where more than $100 million in unexplained withdrawals occurred.
Consulte Mais informação »
Multichain's ‘mysterious withdrawals’ have whiffs of a ‘rug pull’ — Chainalysis'Mysterious withdrawals' and potentially compromised administrator keys at Multichain could signal an internal rug pull, according to analytics firm chainalysis.
Consulte Mais informação »
Another $103 million in crypto assets transferred away from Multichain: BeosinOn-chain data revealed a significant outflow of $103 million worth of crypto assets from the Multichain bridge on Monday.
Consulte Mais informação »
Multichain Executor has been ‘draining’ AnySwap tokens: ReportThe Multichain Executor contract is ‘draining’ AnySwap tokens and distributing them to personal wallets, says on-chain sleuth Spreek.
Consulte Mais informação »