{"id":24676,"date":"2024-07-09T13:00:15","date_gmt":"2024-07-09T10:00:15","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24676"},"modified":"2024-07-09T10:27:39","modified_gmt":"2024-07-09T07:27:39","slug":"multichain-to-compensate-fantom-2-187m-for-hack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/","title":{"rendered":"Multichain to Compensate Fantom $2.187M for Hack"},"content":{"rendered":"

Following a $210 million attack, the Multichain Foundation<\/strong>, a cross-chain router protocol, was ordered by the High Court of Singapore to reimburse the layer-1 platform Fantom Foundation for losses suffered.<\/p>\n

Later proven to be a hack, the Chinese cross-chain protocol Multichain Foundation<\/strong> observed shockingly high outflows in July 2023. Many protocols connected to the chain therefore became victims of the attack, resulting in the loss of about $210 million in assets spanning several chains, including Fantom, Ethereum, BND, Cronos, Polygon, Arbitrum, zkSync, Optimism, and Moonbeam.<\/p>\n

After declaring its financial losses to the Singapore High Court, Fantom Foundation sought reimbursement for the damages endured.<\/p>\n

While Multichain’s<\/strong> officials missed the recent court hearing on June 3, Fantom’s representatives submitted evidence gathered over the year to the Singapore court.<\/p>\n

“The Claimant’s position is that the CEO of the First Defendant had ultimate privileges and control over the cryptocurrency assets stored in the Multichain Bridge<\/strong><\/em>,” says the statement.<\/p>\n

Multichain<\/strong> admitted this claim on X<\/a> and violated the user agreement as well, the court said.<\/p>\n

The court decided on July 8 to award Fantom $2.187 million for losses experienced during the hack. Fantom earlier claimed, though, that the losses in her ecosystem accounted for about one-third of all losses totaling $210 million.<\/p>\n

Research on blockchain security company Immunefi shows that crypto losses from hacks and scams more than doubled in the second quarter of 2024 compared to the same period the previous year.<\/p>\n

Comparatively to just $220 million in Q2 2023, hacks cost over $572 million in Q2. Most of the losses in the quarter came from centralized exchange hacking.<\/p>\n

Hacker and scam losses had been dropping before the second quarter; Immunefi notes a 23% drop in Q1. This drop persisted through April and most of May, then peaked at the end of June.<\/p>\n

 <\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Following a $210 million attack, the Multichain Foundation, a cross-chain router protocol, was ordered by the High Court of Singapore to reimburse the layer-1 platform Fantom Foundation for losses suffered. Later proven to be a hack, the Chinese cross-chain protocol Multichain Foundation observed shockingly high outflows in July 2023. Many protocols connected to the chain<\/p>\n","protected":false},"author":6,"featured_media":24677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[7275,7276,7274],"class_list":["post-24676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-multichain","tag-multichain-bridge","tag-multichain-foundation"],"yoast_head":"\nMultichain to Compensate Fantom $2.187M for Hack - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multichain to Compensate Fantom $2.187M for Hack - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Following a $210 million attack, the Multichain Foundation, a cross-chain router protocol, was ordered by the High Court of Singapore to reimburse the layer-1 platform Fantom Foundation for losses suffered. Later proven to be a hack, the Chinese cross-chain protocol Multichain Foundation observed shockingly high outflows in July 2023. Many protocols connected to the chain\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-09T10:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-09T07:27:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/\",\"name\":\"Multichain to Compensate Fantom $2.187M for Hack - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg\",\"datePublished\":\"2024-07-09T10:00:15+00:00\",\"dateModified\":\"2024-07-09T07:27:39+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg\",\"width\":1600,\"height\":900,\"caption\":\"Multichain Foundation\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Multichain to Compensate Fantom $2.187M for Hack\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Multichain to Compensate Fantom $2.187M for Hack - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/","og_locale":"en_US","og_type":"article","og_title":"Multichain to Compensate Fantom $2.187M for Hack - Coin Engineer","og_description":"Following a $210 million attack, the Multichain Foundation, a cross-chain router protocol, was ordered by the High Court of Singapore to reimburse the layer-1 platform Fantom Foundation for losses suffered. Later proven to be a hack, the Chinese cross-chain protocol Multichain Foundation observed shockingly high outflows in July 2023. Many protocols connected to the chain","og_url":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/","og_site_name":"Coin Engineer","article_published_time":"2024-07-09T10:00:15+00:00","article_modified_time":"2024-07-09T07:27:39+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg","type":"image\/jpeg"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/","url":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/","name":"Multichain to Compensate Fantom $2.187M for Hack - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg","datePublished":"2024-07-09T10:00:15+00:00","dateModified":"2024-07-09T07:27:39+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ade21cc82d834f6a9e58da122354c70a.jpg","width":1600,"height":900,"caption":"Multichain Foundation"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/multichain-to-compensate-fantom-2-187m-for-hack\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Multichain to Compensate Fantom $2.187M for Hack"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=24676"}],"version-history":[{"count":2,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24676\/revisions"}],"predecessor-version":[{"id":24679,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24676\/revisions\/24679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/24677"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=24676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=24676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=24676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}