Fantom (FTM) creator Andre Cronje recently expressed his disappointment and frustration over the recent exploit of the cross-chain bridge Multichain. In a post on the Fantom community forum, Cronje stated that the Fantom team had been given false assurances about the security level of Multichain, leading them to believe it was a trustworthy platform.
Cronje acknowledged the seriousness of the situation and promised that the Fantom team is actively seeking solutions to make all victims of the Multichain hack whole. They are currently working with relevant organizations to explore options for asset recovery. Additionally, they are considering other means, such as using the foundation treasury, to provide assistance to affected users. However, Cronje emphasized that more data is needed before any concrete action plan can be proposed.
Furthermore, Cronje mentioned that the Fantom team is continuing to engage with Circle, Tether, TrueUSD, Binance, and other organizations for native issuance. They are also reviewing roll-ups for native bridge infrastructure. These efforts indicate that Fantom is committed to strengthening its ecosystem and preventing similar incidents in the future.
The exploit of Multichain’s Fantom bridge resulted in the theft of at least $126 million worth of various cryptocurrencies, including Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), and stablecoins. The incident had a significant impact on Fantom’s total value locked (TVL), which fell from $200 million before the hack to $67 million at present, according to market analytics tool DefiLlama.
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In addition, Multichain announced the closure of its operations, citing the arrest of its CEO by Chinese authorities in May. Since then, there has been no contact with the blockchain’s team. This further complicates the situation and adds to the challenges faced by those affected by the exploit.
Despite the setback caused by the Multichain exploit, Cronje and the Fantom team remain committed to their project. They are determined to recover from this incident and uphold their commitment to the Fantom community. Cronje’s statement highlights the importance of verifying security measures rather than relying solely on assurances provided by external parties.
As Fantom explores solutions and collaborates with relevant organizations, it is evident that they are taking a proactive approach to address the aftermath of the exploit. This demonstrates their determination to overcome challenges and ensure the security and well-being of their users.
In conclusion, the Multichain exploit was undoubtedly a significant setback for Fantom. However, Cronje’s response shows the team’s dedication to resolving the issue and supporting those affected. As they work towards asset recovery and explore additional security measures, Fantom aims to rebuild trust within its community and continue growing its ecosystem.
