DeFi platform Multichain says $1.4 million in crypto siphoned from users in a cyber attack
DeFi platform Multichain says $1.4 million in crypto siphoned from users in a cyber attack
Multichain is asking users to take matters into their own hands in the face of a $1.34 million exploit.
By: Tech Desk| Pune |
Updated: January 19, 2022  3:51:00 pm
Cyptocurrencies do give a high rate of returns, but are equally susceptible to cyber attacks. (Photo Credit: Pixabay)
Atleast $1.41 million (Rs 10 crore approx.) has been mooched off by cyber criminals due to a critical vulnerability in one of the largest crypto token swapping platforms in the world, Multichain, formerly known as Anyswap. This development comes at a time when the security ecosystem around
decentralised finance ( DeFi)
is being questioned, with billions of dollars worth of cryptocurrency stolen from DeFi platforms in 2021 alone.
For the uninitiated, DeFi is an alternative finance ecosystem where consumers transfer, trade, borrow and lend cryptocurrency, independently of traditional financial institutions and the regulatory structures that have been built around banking. The DeFi movement aims to disintermediate finance, using computer code to eliminate the need for trust and middlemen from transactions.
Multichain is asking users to take matters into their own hands in the face of a $1.34 million exploit. If you have got a problem, you have to fix it on your own, according to the company.

Atleast $1.41 million has been mooched off by cyber criminals due to a critical vulnerability from one of the largest crypto token swapping platforms in the world, Multichain, formerly known as Anyswap.