Fun

News Feed - 2023-07-12 05:07:00

Tom Blackstone4 hours agoMultichain Executor has been ‘draining’ AnySwap tokens: ReportThe contract has used an “anySwapFeeTo” function to transfer hundreds of thousands of dollars worth of tokens to itself, which on-chain sleuth Spreek suspected may have been malicious.488 Total views1 Total sharesListen to article 0:00NewsJoin us on social networksA person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the Multichain team as “abnormal.”The Multichain Executor address has been draining anyToken addresses across many chains today and moving them all to a new EOA pic.twitter.com/gqDaXMBl96— Spreek (@spreekaway) July 10, 2023


According to Spreek’s July 10 report, “The Multichain Executor address has been draining anyToken addresses across many chains today and moving them all to a new EOA [externally owned account].”


An image attached to the post shows Ethereum transaction 0x53ede4462d90978b992b0a88727de19afe4e96f0374aa1a221b8ff65fda5a6fe. Blockchain data reveals that this transaction called the “anySwapFeeTo” method on the Multichain Router: V4 contract, causing approximately $15,275.90 worth of anyDAI — a derivative version of the Dai (DAI) stablecoin — to be minted on Ethereum and sent to the Multichain Executor, who then burned it and exchanged it for the underlying DAI backing the asset. DAI conversion by the Multichain Executor. Source: Etherscan


In a separate comment, Spreek said the funds are being sent to the following address: 0x1eed63efba5f81d95bfe37d82c8e736b974f477b. Ethereum blockchain data shows that this address received the redeemed DAI from the Multichain Executor on July 10, about five minutes after the previous transaction.


Data for BNB Smart Chain (BSC) shows that the Multichain Executor also called the anySwapFeeTo function on its network for $208,997 worth of anyUSDC. This resulted in $208,997 worth of the tokens being converted into its underlying Binance-Pegged USDC, which were subsequently sent to this same address. In other BSC transactions, the contract used this process to convert 50.80 anyBTC, worth $39,251.43 at the time, to equivalent Binance-Pegged Bitcoin and send it to this address.


The transactions add up to approximately $263,524.33 worth of tokens sent to this address through the anySwapFeeTo method.


Spreek said this behavior could be part of the normal functioning of the protocol. On the other hand, a different account had engaged in similar behavior the day before, Spreek stated. The other account eventually sold the drained tokens, providing evidence that it was malicious:“It is unclear whether this is authorized behavior. Previously the same method was used yesterday by a different MPC address on the anyUSDT token on mainnet. The tokens were then immediately sold to ETH, suggesting that that similar address was the actions of a malicious actor.”


The on-chain sleuth theorized that the attacker may be using the anySwapFeeTo function to set fees to an arbitrarily large amount, allowing them to drain users’ funds. This function “[a]pparently allows ANY value to be set, so the address is simply choosing the total value of the token held in that anyToken,” Spreek stated.


The Multichain incident has baffled blockchain analysts, as no one has been able to prove whether it resulted from an exploit or is simply the result of large tokenholders moving their funds between networks. The mystery began on July 7, when over $100 million worth of tokens were withdrawn from the Ethereum side of Multichain’s Fantom, Moonriver and Dogechain bridges and sent to wallet addresses with no previous transactions. These withdrawals represented the majority of funds held on each bridge.


The Multichain team declared that the withdrawals were “abnormal” and told users to stop using the protocol. However, the team did not declare what the source of the anomaly was or could be.


On July 8, stablecoin issuers Circle and Tether froze some of the addresses that received funds tied to the strange transactions. On July 11, blockchain analytics firm Chainanalysis said the incident “looks more like a hack or rugpull and less like a migration.”


The Multichain team says their CEO is missing and that they’ve shut down some bridges due to no longer having access to some of the network’s multi-party computation network servers.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.# Blockchain# Ethereum# Scams# Hacks# DeFiAdd reactionAdd reactionRelated NewsCan memecoins be used as real currency?Bug bounties can help secure blockchain networks, but have mixed resultsBlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst saysOn-chain sleuth ZachXBT sued for libel after claiming plaintiff drained funds from projectCZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1MOver $204M was lost in Q2 DeFi hacks and scams: Report

News Feed

Cryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022
Cryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022 Cryptocurrencies rose in popularity in Chile, according to a survey from global consulting firm Bain &
Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market
Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market The president of El Salvador has some advice for bitcoin investors. He
Pro Trader-Focused NFT Marketplace Blur Secures $11 Million in Seed Round Led by Paradigm
Pro Trader-Focused NFT Marketplace Blur Secures $11 Million in Seed Round Led by Paradigm On March 28, the non-fungible token (NFT) marketplace Blur announced the company has raise
William Suberg13 hours agoBitcoin price can go ‘full bull’ next month if 200-week trendline staysBitcoin and crypto are in line for a classic breakout should multiple time-tested patterns continue, says analyst Cole
William Suberg11 hours agoBitcoin price reacts as 3.7% CPI sees inflation jump beyond forecastsBTC’s price clings to $26,000, with Bitcoin traders braced for the Wall Street open, following the latest CPI report.8359 T
India Unveils Guidelines for Crypto Advertising
India Unveils Guidelines for Crypto Advertising The Advertising Standards Council of India has released guidelines for the advertising and promotion of crypto assets and related se
Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail
Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in JailRussian lawmakers have proposed new laws that seek to ban the use of bitcoin (BTC) and
AAVE Faces Major Price Drop As TD Sequential Signals Sell – Details
Este artículo también está disponible en español. The Aave (AAVE) market suffered significant losses in the past week as price declined by 17.07% according to data from C
Fairspin Casino Players Won Over 40,000 ETH
Fairspin Casino Players Won Over 40,000 ETH Blockchain casino Fairspin paid out more than 40,000 ETH to players in its first full year of operation.
Security Focused DeFi Project EverRise Now Live on 3 Blockchains, Staking Introduced
Security Focused DeFi Project EverRise Now Live on 3 Blockchains, Staking Introduced sponsored Originally launched on June 15th, 2021, EverRise is a blockchain technology company th
G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook Libra
G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook LibraThe G20 is setting rules to regulate stablecoins such as Facebook’s Libra cryptocurrency. Responding to
Bitcoin price taps $62K sell wall as analyst sees ’up only’ for crypto
William Suberg9 hours agoBitcoin price taps $62K sell wall as analyst sees ’up only’ for cryptoBitcoin bulls charge into key BTC price resistance as the US Federal Reserve gives a clear signal regarding interest rate