Breaking: Some Multichain transactions are confirmed as queue unwinds

Cross-chain protocol Multichain, has apparently resumed at least some transactions, according to on-chain data, after a July 6 hack involving $126 million.
Cross-chain protocol Multichain, has apparently resumed at least some transactions, according to on-chain data, after a July 6 hack involving $126 million.

Hacked cross-chain protocol Multichain has confirmed some transactions, and its backlog of queued transactions has declined to only a single transaction, according to data from Multichain’s Explorer tool. Blockchain data confirms that some of the transactions have been confirmed on the destination chain, while others show as confirmed in the Multichain Explorer but not on the destination chain.

Browsers with the MetaMask wallet extension currently show a warning when users attempt to view the Multichain Explorer due to the fact that the protocol has been hacked. However, it can be viewed with a browser that does not have a Web3 wallet installed. Cointelegraph does not recommend connecting to Multichain with a wallet app, and the site itself may also be unsafe.

The transactions appear to be coming from a small number of addresses, indicating that they may be an attempt by the attacker to move funds or else part of a recovery effort by the team. As of 9:30 pm UTC, only a single transaction is listed as pending on Multichain’s Explorer.

According to the Multichain block explorer, transactions started confirming at approximately 9 am on Nov. 1.

Multichain confirmations on Nov. 1, 2023. Source: Multichain.org.

Some transactions have been confirmed on the destination chain. For example, a deposit of approximately 20 Dai (DAI) was made from Ethereum to Avalanche, which was confirmed on Avalanche at 1:56 pm UTC. However, a deposit of 0.1 Bitcoin (BTC) that was made from Ethereum to Polygon at 2:44 shows as confirmed on the Multichain block explorer but has not been confirmed on Polygon.

Blockchain analytics platform Cyvers Alerts detected the resumption of transactions in the morning and posted the information to X (formerly Twitter).

Some of the sending accounts show multiple transactions on Nov. 1, indicating that the sender was confident that the protocol would work correctly.

A single account on Ethereum making multiple deposits to Multichain on Nov. 1. Source: Etherscan

This is a developing story, and further information will be added as it becomes available.