Multichain Resumes Transactions After Hack: What You Need to Know

Recent Developments: The Multichain Comeback

In a stunning twist of fate, the hacked cross-chain protocol Multichain has started to confirm some of its transactions. Just when you thought it was completely down for the count, it seems like Multichain is getting back on its feet! As of November 1, 2023, the queue of pending transactions has declined to just one lonely transaction, according to data from Multichain’s Explorer tool.

The Curious Case of the Confirmed Transactions

Blockchain data is showing a mixed bag when it comes to confirmed transactions. While certain transactions managed to get confirmed on the destination chain, others have received the stamp of confirmation in the Multichain Explorer but are still on standby in the destination chain. It’s like being the last one picked for dodgeball—just a tad awkward.

Warning Signals: Stay Cautious

If you’re using the MetaMask wallet, you might want to think twice before diving into the Multichain Explorer. The browser is flashing a warning that the protocol’s security has been compromised. However, if you use a browser that lacks a Web3 wallet, you can still access it, but proceed at your own risk. Remember, safety first!

The Mystery Behind the Transactions

Interestingly, the transactions appear to originate from a small selection of addresses, raising questions about whether this is an attempt by the hacker to siphon off funds or part of an official recovery initiative by the Multichain team. Today at 9:30 PM UTC, there was only one transaction pending on the Multichain explorer, indicating that some order might be returning to the chaos.

Blockchain Analytics to the Rescue!

Blockchain analytics platform Cyvers Alerts was quick to catch the resumption of transactions in the morning, tweeting about the development. Their eagle eyes noted that after a staggering 117 days of downtime following a massive $126 million hack in July, Multichain has begun processing bridge transactions again. Talk about a comeback!

In addition, null addresses and multiple transactions on November 1 suggest that some users had confidence that things were finally functioning as they should—a bit of a risky move given the recent history but hey, fortune favors the bold. Keep your eyes peeled; this story is evolving, and updates will follow.