Multichain halts on suspected $130M hack, 1 month after CEO disappeared

Multichain asked users to stop using its bridges after a potential exploit that affected its Fantom, Moonriver and Dogechain services

article-image

WindAwake/Shutterstock modified by Blockworks

share

Multichain has indefinitely halted its services after recognizing an unusual movement of a large number of tokens from its bridging networks to an unidentified address.

On-chain sleuths had earlier raised the possibility of a multi-million dollar exploit after noticing crypto was being pulled out from Multichain’s multi-party computation network.

“The team is not sure what happened and is currently investigating,” Multichain tweeted late Thursday.

“It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain.”

Multichain, formerly Anyswap, is meant to allow users to bridge their crypto assets between various blockchain networks. The team said all bridge transactions will remain stalled on their originating chains. No definitive timeline for when services will be back was announced.

Loading Tweet..

Hours earlier, blockchain security firm PeckShield warned Multichain about sketchy activity on its Fantom (FTM) bridge, showing token outflows of about $102 million. 

The suspected exploit affected tokens including wrapped bitcoin (WBTC), USDC, DAI, ether (ETH) and chainlink (LINK). It is estimated the movements led to more than $130 million in losses. 

Missing Multichain CEO raises concerns

Multichain had come under fire over the past month due to issues with its technology not functioning as expected. There’s currently $1.26 billion in total value locked with Multichain, per DeFiLlama.

Crypto exchange Binance has suspended various token deposits from Multichain on two separate occasions after several days of stuck transactions.

Adding to the troubles, the CEO has been mysteriously missing for more than a month. Speculation had circulated that some team members may have been detained by Chinese authorities.

In late May, the team said it was “unable to contact CEO Zhaojun and obtain the necessary server access for maintenance,” indicating the top boss was the only person with the right permissions to solve its problems at the time.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

Long before BlackRock’s ETF, there was the Winklevoss Bitcoin Trust

article-image

Mainnet goes live with a 16-node federation, promising five-second block times, low fees and Bitcoin-native DeFi

article-image

Sponsored

WalletConnect Certified is not just a recognition program, it’s a movement to improve how users onboard, transact, and engage across the onchain ecosystem

article-image

In crypto investing, quantity has a quality all its own.

article-image

REX and Osprey prep to launch their Solana staking ETF