Grey Hat Hacker Agrees To Return 80% Of Funds Stolen In Multichain Exploit

Cross-chain DeFi platform Multichain has been the latest in what is now a long line of DeFi protocols being exploited. This time around, the attackers were able to steal user funds from the platform by gaining access to accounts that haven’t revoked access to the platform. In total, about $1.5 million was lost to hackers […]
Cross-chain DeFi platform Multichain has been the latest in what is now a long line of DeFi protocols being exploited. This time around, the attackers were able to steal user funds from the platform by gaining access to accounts that haven’t revoked access to the platform. In total, about $1.5 million was lost to hackers […]

Cross-chain DeFi platform Multichain has been the latest in what is now a long line of DeFi protocols being exploited. This time around, the attackers were able to steal user funds from the platform by gaining access to accounts that haven’t revoked access to the platform. In total, about $1.5 million was lost to hackers but one hacker who stole about $200,000 is offering to return most of the stolen funds.

Hacker Wants To Return Money

The hacker, in this case, now being referred to as a grey hat hacker, was able to successfully steal $200,000 from one of the users who hadn’t revoked access to the platform. The hackers were able to carry out the attack by exploiting a bug in the protocol. Multiple wallets have been pinpointed to be behind the attacks, suggesting that there may not be a single hacker stealing the funds.

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The hacker in this case has offered to return 80% of the $200,000 that was stolen from a user. In a transaction to the user who lost the funds, the hacker who referred to themselves as a white hat hacker asked the user to send the transaction where they lost their Wrapped Ether and they would send 80% back to them, keeping 20% for themselves for the hassle.

“Whitehat here, send me the tx you lost your weth, I give 80% back,” the hacker said. “The rest is the tips for me saving your money.”

MultiChain Begs For Funds Back

Although the hacker mentioned above offered to return most of the funds they stole, it was not the only address that exploited the block. Numerous other addresses on the Multichain protocol had their funds stolen to the tune of $1.43 million. It is unclear if the hacker that offered to return some funds was the same person behind all of the addresses.

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Multichain took the route of most protocols that have fallen to exploits recently and sent a transaction to the hacker with a message to please return the funds. The hacker is yet to respond to the message if they ever will.

The protocol first made news of the exploit public on January 17th, the same day the Crypto.com hack took place. A report from The Block noted that a single user lost almost $1 million in the hack and has since offered a $156,000 tip to the hacker if they return their funds.

Featured image from GeekWire, chart from TradingView.com