Answers to the Frequently Asked Questions About Multichain Vulnerability (2024)

FAQs

How does Multichain swap work? ›

Multichain bridges, like Synapse and Anyswap, function by locking assets on the source chain and minting equivalent assets on the destination chain. This process often involves validators or nodes to confirm transactions, ensuring the security and integrity of cross-chain transfers.

What does multichain mean? When speaking of multichain dApps, we refer to applications that are running on different blockchains. For example, countless DeFi protocols in the Ethereum ecosystem have recently started creating instances of their apps on top of Layer 2s.

The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals…

Multichain can also be defined as a cryptocurrency asset available on different blockchains. For instance, a stablecoin such as Tether (USDT) simultaneously exists on Ethereum, EOS, Solana, Tron, and Liquid Network. This makes it a multichain cryptocurrency asset.

Privacy and security are other key advantages of multi-chain platforms. These networks offer features that enable participants to keep certain transactions private within a specific chain while enjoying the benefits of a public network for other interactions.

At the highest level, the term “multi-chain” simply refers to the ecosystem of hundreds of blockchains that exist today. However, the term is used most frequently to describe applications that launch on multiple blockchains, widely known as “multi-chain applications.”

Multi-chain represents a type of blockchain technology where multiple chains interconnect in a federated environment. Federated chains allow permissioned access between specific entities while preserving individual network autonomy.

MultiChain handshaking protocol

Each node identifies a public address which has connection permissions and for which it has the private key. Each node sends a challenge message to the other node which it must sign using the private key corresponding to the address it presented.

At their core, multichain or cross-chain blockchain bridges facilitate the transfer of assets and data across different blockchain platforms. They act as facilitators for interoperability, allowing blockchains to communicate and interact more efficiently.

In the rapidly changing world of blockchain, the future appears to be multichain. But what does it mean to be multichain, and why is it crucial for the growth and adoption of decentralized technology? Let's dive into the topic of interoperability and explore the solutions that are shaping the blockchain industry.

What happened to the Multichain? ›

Multichain Shuts Down Operations After $122 Million Outflows from Fantom Bridge. The largest exploit occurred on the Fantom bridge, resulting in the loss of $122 million across multiple assets, including wBTC, USDC, USDT, and various altcoins.

Zhaojun He, co-founder and CEO of cross-chain bridging protocol Multichain, has resurfaced on Telegram for the first time since his unexplained and continuous detention by Chinese police in 2023.

The all-time high of Multichain is $33.09.

How Is the Multichain Network Secured? MULTI is an ERC-20 token issued on the Ethereum blockchain, which is secured through the Proof-of-Stake (PoS) consensus mechanism. Validators stake 32 ETH to participate in consensus and validating transactions.

MULTI has a circulating supply of 19.36M coins and a max supply of 100.00M MULTI.

Swap is an innovative in-wallet crypto-to-crypto exchange service offered by Blockchain.com. With Swap, you can effortlessly trade one cryptocurrency for another without ever leaving your Blockchain.com Wallet. It's quick, convenient, and designed with your needs in mind.

It began as Anyswap in July 2020 and was rebranded to Multichain in October 2021. Unfortunately, its operations were disrupted on May 21, 2023, following the arrest of Multichain CEO Zhaojun. The situation worsened after his sister's arrest on July 13, 2023, ultimately leading to the cessation of the project.

Multichain Shuts Down Operations After $122 Million Outflows from Fantom Bridge. The largest exploit occurred on the Fantom bridge, resulting in the loss of $122 million across multiple assets, including wBTC, USDC, USDT, and various altcoins.

Because of the decentralized nature of Multichain Protocol and the instability of different blockchain mainnets, your cross-chain transaction could take 3-30 minutes to complete but your assets are perfectly safe with Multichain protocol.