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Sunday, May 22, 2022

Multichain Hacker Gives Back 322 ETH, Retains Hefty Tip

One of the hackers of Multichain from this week’s series of hacks has just added a dramatic spin to the storyline. The hacker has given back 322 ETH (Ether) which amounts to $974,000 when the article was written. The money has been given back to Multichain as well as one user that was affected.

The Multichain Hacker’s Finder’s Fee

But there is a catch to this Multichain hacker story. The hacker retained 62 ETH with an estimated value of $187,000. He called it the “bug bounty”. Additionally, 528 ETH in total (amounting to about $1.6Mn) is still to be settled following the series of exploits.

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Earlier in the week, news had broken out regarding a Multichain security vulnerability emerging. There were six tokens affected. They were Avalanche (AVAX), Polygon (MATIC), Wrapped Binance Coin (WBNB), Mars Token (OMT), Peri Finance (PERI), and Wrapped Ether (WETH). The total amount stolen was reported to be $1.43Mn.

However, on Monday, Multichain claimed in an official announcement that the critical security vulnerability was addressed and fixed. But publicity regarding the vulnerability apparently made several other attackers take notice of the situation and exploit it. As a result, over $3Mn worth of funds has been reportedly stolen.

Presently, this critical security vulnerability concerning the 6 tokens is still present. However, the company has drained about $44.5Mn in funds from various chain bridges to secure the loopholes.

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One of these hackers, who referred to himself as a “White hat”, has communicated continuously with both one of the users as well as the company. The user had gotten $960,000 stolen in the course of a day. As such, the user was negotiating with the hacker to 80% of the stolen money. In exchange, the hacker could retain a considerable finder’s fee.

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