Twitter Phishing Spree Exploits Multichain Breach Fallout

Hackers continue their relentless assaults, showing no indication of abating. Shortly after the Multichain breach, con artists began to distribute a phishing link on Twitter.

The fraudulent distribution of Fantom to Twitter users who are falsely associated with the Multichain attack is rapidly expanding and garnering considerable attention. Twitter users have shown considerable interest in the article. In the tweet, the fraudsters claimed:

“Due to the Multichain hack, Fantom Foundation is issuing an emergency FTM distribution to all users. All users who have interacted with the FTM chain are eligible to claim.”

A phishing link was included and shared with the affected users, leading them to assume it is affiliated with Fantom Foundation, the nonprofit organization responsible for the Fantom network.

When significant outflows were detected on Multichain’s platform on July 6, an alarming situation arose. In response, Multichain suspended operations to investigate the matter.

Approximately $125 million worth of Multichain assets were illegally transmitted to various wallets by the end of the day. Approximately $122 million worth of Wrapped Bitcoin (WBTC), USD Coin, Tether, and other altcoins were misappropriated from the holdings of the Fantom Bridge.

In response, Multichain firmly advised users to cease all protocol-related activities and revoke any associated contract approvals.

Until investigations were concluded and a thorough explanation was provided, this precautionary measure was advised. Changpeng ‘CZ’ Zhao, the CEO of Binance, used Twitter to reassure his followers that the prominent digital asset service provider was unaffected by the attack and that all funds were safe.

In addition, he confirmed that Binance had executed an asset exchange and stopped accepting deposits from Multichain some time ago.

This type of Twitter hacking is becoming increasingly prevalent in the cryptocurrency industry. Users must exercise caution and avoid clicking on unfamiliar links.