Multichain hack leads to Twitter phishing spree as cybercriminals exploit users with fake emergency FTM distribution. $125 million worth of assets siphoned in the attack.
In the wake of the Multichain hack, cybercriminals have wasted no time launching a new attack, this time resorting to Twitter to spread a phishing link. The incident has raised concerns as the fraudulent post gains traction, attracting numerous retweets and garnering attention from unsuspecting users.
A tweet disguising itself as an emergency FTM distribution due to the Multichain attack has gone viral on Twitter. The tweet claims that the Fantom Foundation, the organization behind the Fantom (FTM) protocol, is issuing an emergency FTM distribution to all users affected by the hack. With an alarming number of retweets, views, and bookmarks, the post seems to be deceiving many users.
Hidden within the tweet is a suspected phishing link, leading affected users to fall into the trap laid by the hackers unknowingly.
Multichain Attack Results In $125m Loss
On Thursday, July 6th, Multichain, a blockchain platform, discovered unusual and substantial outflows, prompting the suspension of its operations to investigate the issue. At the close of the day, an astonishing amount of $125 million in Multichain assets had been unlawfully drained and moved to multiple wallets.
The primary target of the attack was the Fantom Bridge, which saw the theft of $122 million worth of wBTC, USDC, USDT, and other altcoins.
In response, Multichain urged users to halt all activities on their protocol and revoke any contract approvals associated with Multichain until a thorough investigation could be completed. Meanwhile, Changpeng ‘CZ’ Zhao, the Chief Executive Officer (CEO) of Binance, a leading digital asset service provider, reassured his followers on Twitter that the platform remained unaffected by the attack and that all funds were secure. Furthermore, he disclosed that Binance had already swapped all assets out and ceased accepting deposits from Multichain before the incident.
Today, a Twitter page has emerged, impersonating the Fantom Foundation, promoting dubious campaigns through the support of Twitter bots. These activities include an ongoing giveaway campaign, which has already garnered over 6,000 retweets. The rise of such Twitter hacks within the crypto industry is becoming increasingly problematic, urging users to exercise utmost caution and refrain from clicking on unfamiliar links.
In light of these developments, industry experts stress the importance of remaining vigilant in the face of cyber threats, advising users to exercise caution when interacting with social media platforms and to be wary of suspicious links.