Crypto Scammers Exploit Multichain Hack with Phishing Link, Targeting Fantom Foundation
In the wake of the Multichain hack, cyber attackers are persistently launching relentless attacks without showing any signs of slowing down. A recent incident involves scammers utilizing a phishing link on Twitter to deceive users. The fraudulent distribution of Fantom, falsely connected to the Multichain attack, is rapidly spreading across the platform, attracting significant attention and posing a considerable risk to unsuspecting users.
Twitter Scam Details
The scammers took advantage of the Multichain hack by spreading a phishing link through a tweet. In their misleading message, they claimed that the Fantom Foundation, the non-profit organization responsible for the Fantom network, was issuing an emergency FTM (Fantom’s native cryptocurrency) distribution to all users. The scammers falsely declared that any user who had interacted with the FTM chain was eligible to claim this distribution. This cleverly crafted deception led affected users to believe that the phishing link was associated with the legitimate Fantom Foundation.
Multichain Hack and its Aftermath
On July 6, Multichain faced a concerning situation when it detected significant outflows on its platform. As a result, Multichain promptly suspended its operations to initiate a thorough investigation. By the end of the day, approximately $125 million worth of Multichain assets had been illicitly transferred to various wallets. The Fantom bridge, a crucial component, bore the brunt of the attack, with around $122 million worth of Wrapped Bitcoin (WBTC), USD Coin, Tether, and other altcoins stolen from its holdings.
Responding to the breach, Multichain issued a strong recommendation for users to halt all activities on the protocol and revoke any contract approvals associated with it. These precautionary measures were advised until the investigations were completed and a comprehensive explanation could be provided.
Binance’s Assurance and Actions
During the ongoing investigation, Changpeng “CZ” Zhao, the CEO of Binance, took to Twitter to reassure the exchange’s followers that they remained unaffected by the attack and that all funds were secure. He also verified that Binance had already executed an asset swap and ceased accepting deposits from Multichain well before the hack occurred, underscoring the exchange’s commitment to user protection.
Rising Prevalence of Twitter Hacks in the Crypto Industry
Instances of Twitter hacks similar to this one have become increasingly prevalent within the cryptocurrency industry. It is crucial for users to exercise caution and refrain from clicking on unfamiliar links, as scammers are constantly finding new ways to exploit vulnerabilities and deceive unsuspecting individuals.
The emergence of a phishing link in the aftermath of the Multichain hack, falsely associated with the Fantom Foundation, highlights the persistent and evolving nature of cyber attacks in the crypto industry. Users must remain vigilant, exercise caution, and avoid interacting with suspicious links to protect themselves from falling victim to scams and potential financial losses.
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