Eagle-eyed users have noticed over $100M in mysterious outflows from the Multichain MPC bridge, leading to fears of an exploit or hack.
Cointelegraph could not confirm by the time of publication whether the contracts were “drained” or whether a large amount of funds were simply withdrawn by users.
Cointelegraph reached out to the Multichain team on their Discord channel, but did not get a response by the time of publication. Multichain's last post on Twitter was June 29.Multichain is a multi-party computation bridging network. When a user wants to bridge assets from one chain to another, the Multichain network first confirms that the assets have been locked on the first chain and then mints derivative assets on the second chain.
When a withdrawal is made, the network goes through this process in reverse: it first confirms that the derivative coins have been destroyed on the second chain, then releases the assets backing them on the first chain. The Multichain team claims that the cryptographic keys controlling this process are split into multiple shards and distributed throughout the network. This should theoretically prevent any single person or group from being able to make unauthorized withdrawals.
Multichain has been suffering from unspecified technical problems over the past few weeks. On May 31, the team
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