In the last 12 hours, an unusually large number of assets have flown off the Multichain. These assets, which include a variety of cryptocurrencies, have been transferred to the new address: 0x1eed63efba5f81d95bfe37d82c8e736b974f477b. At the time of writing this report, the net value of all transferred assets is $102,834,504.

The assets that have left are approximately the following:

1. From Fantom: 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, 52 BTC
2. Arbitrum: 2,891 WETH8.7 million USDC, 7.5 WBTC
3. From BNB chain: 209k USDC, 50.8 BTCB
4. From Avalanche: 2.38 million DAI, 33.76 WBTC.e
5. From Chronos: 667.4 WETH, 9 million USDC, 616k DAI
6. From Polygon: 19.95k USDC, 5582 WETH, 7.05 WBTC
7. From Rayo de Luna: 237.6k USDC
8. From Optimism: 37k USC, 21.91 WBTC, 10.36 million DAI
9. From Ethereum: 15k DAI

On July 7, the Multichain team announced via Twitter that the assets locked at the Multichain MPC address had abnormally moved to an unknown address. The team was unsure of the cause and began an investigation. They recommended that all users discontinue use of Multichain services and revoke all Multichain-related contract approvals. They also announced that the Multichain service had been stopped and that all bridging transactions would be stuck on the source chains. They did not provide a confirmed time to resume service and advised users not to use the Multichain bridging service.

On July 8, Circle and Tether, two major stablecoin issuers, froze more than $65 million in assets that had been transferred from the Multichain. This amount represented approximately half of the assets that moved abnormally.