The cross-chain router protocol recovered nearly 50% of the total
stolen funds and devised a compensation plan for eligible investors.
After a month-long fight against an ongoing exploit, cross-chain
router protocol Multichain announced the recovery of nearly 50% of the
total stolen funds, worth nearly $2.6 million of cryptocurrencies. The
team has also released a compensation plan to reimburse the users’
losses.
On Jan. 10, blockchain security expert Dedaub alerted
Multichain about two vulnerabilities in its liquidity pool and router
contracts — affecting eight cryptocurrencies including wrapped ETH (WETH), wrapped BNB (WBNB), Polygon (MATIC) and Avalanche (AVAX).
A week later on Jan. 18, the Multichain team advised users to revoke approvals for the vulnerable smart contracts
as a means of immediate damage control. However, as Cointelegraph
reported, the warning announcement encouraged more hackers to try the
exploit, resulting in losses exceeding $3 million.
According
to Multichain, the vulnerability of the liquidity pool was fixed by
upgrading the affected tokens’ liquidity to new contracts, adding:
“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 reported that 4,861 out of the 7,962 affected
users have revoked approvals while advising the remaining 3,101
addresses to take action as soon as possible. Out of the 1,889.6612 WETH
and 833.4191 AVAX stolen funds, the team was able to recover 912.7984
WETH and 125 AVAX (worth nearly $2.55 million and $10,000 respectively).
“However,
in spite of our best efforts, a total of 976.8628 WETH has been
stolen,” confirmed Multichain. To be eligible for compensation through
reimbursement of losses, Multichain has asked users to revoked their
approval and submit a ticket on the website. “As such, we will no longer
reimburse any losses that happen after February 18 24:00 UTC.”
Related: Netflix announces new series on Bitfinex hack involving 120,000 Bitcoin
Netflix
will soon produce and launch a documentary series circled around a New
York-based couple and their involvement in laundering Bitcoin (BTC) linked to the Bitfinex hack.
As
Cointelegraph reported, the documentary will be directed by American
filmmaker Chris Smith with Nick Bilton as the co-executive producer. The
announcement read:
“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.”
source link : https://cointelegraph.com/news/multichain-recovers-2-6m-stolen-funds-to-reimburse-losses-on-condition
