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Multichain Fantom Bridge Exploited and Drained of $126M, Aptos Twitter Account Hacked

2 mins
Updated by Kyle Baird
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In Brief

  • Aptos Network and CEO's Twitter accounts were hacked on July 7, leading to a fraudulent airdrop announcement.
  • Multichain's Fantom bridge was drained of funds on the same day, with assets worth $126 million stolen.
  • Crypto-related security incidents in 2023 have led to losses of hundreds of millions due to hacks and phishing scams.
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A hacker posted false information about an airdrop after compromising the Twitter accounts of Aptos Network and its CEO. Aptos has asked users to be wary and not interact with any suspicious posts.

Bad actors hacked the Twitter accounts of Aptos Network and its CEO Mo Shaikh on July 7, posting information about a fraudulent airdrop. The attacker posted a typical phishing post, providing a link that would compromise users.

Aptos Network Twitter Accounts Hacked

The tweet from the hacker asked everyone to participate in the airdrop, telling them they could claim APT for free on the APT network. It also highlighted that more than $1 million had already been claimed.

In the CEO’s hacked tweet, it claimed that “$APT is showing potential to topple all other coins.”

Aptos — a layer 1 network — can be considered the next iteration of Meta’s previously discarded Diem blockchain project. Check out our comprehensive guide on the project and its APT token to delve deeper into its details: An Ultimate Guide to Aptos Cryptocurrency (APT) and Its Network

Aptos Labs explained in their tweet that the Aptos Foundation account had been compromised and that the APT airdrop was fraudulent. All the tweets have an expected clickbait-ish nature to them.

The incident marks yet another attack via hacked social media accounts. This is one of the more common methods to siphon funds from crypto holders and one that teams are wary about.

Multichain Compromised, Loses $126M

Another major incident took place on July 7, when Multichain’s Fantom bridge was drained of funds. The assets that were affected include WBTC, USDC, DAI, wETH, and Link.

The total sum stolen was $126 million., with $30.9 million being WBTC, $13.6 million being wETH, and $57 million being USDC

Along with the Aptos Network Twitter hack, Multichain Assets were drained. Source: Twitter/PeckShield
Multichain HackAssets Drained. Source: Twitter/PeckShield

Multichain tweeted that the “assets on the Multichain MPC address have been moved to an unknown address abnormally.” It recommended that users suspend the use of Multichain services and revoke all contract approvals. Fantom Foundation’s CEO, Michael Kong, also said that he was looking into the matter.

The hack will add to the woes of Multichain, which has suffered a drop in price amid rumors of arrests. Binance also ceased support for eight Multichain bridge tokens as discussions about its protocol rages on. The issue was related to the protocol’s cross-chain routes.

Hundreds of Millions Lost Due to Crypto Hacks in 2023

The hacking of Aptos Network’s Twitter account is just another in the long list of crypto-related security incidents in 2023. The problem continues to persist, with hundreds of millions lost due to hacks and phishing scams this year.

Euler Finance’s $197 million loss in March 2023 was the biggest incident of the year so far. The platform experienced a flashloan exploit, a technique that has been popular among bad actors for years. The Multichain incident was the second-largest hack.

Like the Multichain hack, Atomic Wallet also suffered from a private key compromise leading to a $100 million loss.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
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