Multichain protocol which was previously hacked due to vulnerabilities in January reported that it has recovered $2.6M of the total stolen funds. This amount makes up about 50% of the total funds stolen by hackers.
Multichain, a cross-chain router protocol, announced the recovery of approximately half of the total stolen money, worth nearly $2.6 million in cryptocurrency, after a month-long fight against a continuing exploit. The team has also announced a compensation plan to compensate users for their losses.
Dedaub, a blockchain security expert, notified Multichain on Jan. 10 about two vulnerabilities in its liquidity pool and router contracts, which affect eight cryptocurrencies including wrapped ETH (WETH), wrapped BNB (WBNB), Polygon (MATIC), and Avalanche (AVAX).
The Multichain team encouraged users to cancel authorization for the susceptible smart contracts a week later, on Jan. 18, as a form of quick damage management.
However, as reported earlier the warning notice prompted other hackers to try the vulnerability, resulting in losses of more than $3 million.
The liquidity pool’s vulnerability was fixed, according to Multichain, by updating the impacted coins’ liquidity to new contracts, adding:
“However, the risk remains for the users who have yet to revoke approvals for the affected router contracts. Importantly, users themselves have to be the ones to revoke the approvals.”
Information on the multichain hack recovery
As of Feb. 18, 4,861 of the 7,962 impacted customers had revoked their authorization, with the other 3,101 addresses being advised to do so as quickly as possible.
The team was able to retrieve 912.7984 WETH and 125 AVAX (valued at almost $2.55 million and $10,000, respectively) out of the 1,889.6612 WETH and 833.4191 AVAX stolen monies.
“However, despite our best efforts, 976.8628 WETH has been stolen,” Multichain revealed. Multichain has invited users to rescind their permission and submit a ticket on the website in order to be eligible for compensation through a refund of damages. “As a result, from February 18 at 24:00 UTC, we will no longer compensate any losses.”
Netflix’ documentary on money laundering
Netflix is set to release a documentary series about a New York-based couple’s role in laundering Bitcoin (BTC) tied to the Bitfinex breach in the near future.
As previously reported, American filmmaker Chris Smith will helm the film, with Nick Bilton serving as co-executive producer. The announcement read as follows:
“Netflix has ordered a documentary series about a married couple’s alleged scheme to launder billions of dollars worth of stolen cryptocurrency in the biggest criminal financial crime case in history.”