Fantom (FTM) Founder Andre Cronje Says Multichain Hack Was a Big Blow to Ethereum Rivals Ecosystem

Andre Cronje, creator of Fantom (FTM), says the recent exploits of cross-chain bridge Multichain have been a major setback for Ethereum (ETH) rivals.

Writing on the community forum “Cronje” To tell I think the Fantom team was misunderstood about the true security level of multichain.

Krongje also said he and his team plan to seek solutions to complete all victims of multi-chain hacking.

Multichain was a big blow. I got a lot of assurances from the team regarding server decentralization, access and geolocation decentralization.

We are currently evaluating all options and working with relevant organizations to attempt to recover the assets. In addition, we are considering other backstops and reconstruction assistance using the Foundation’s Treasury Department. Until we have more data, we cannot give firm confirmation. However, we are not going to let this go on and will do our best to keep everyone healthy.

We are also continuing to work with Circle, Tether, TrueUSD, Binance and others for native issuance and are reviewing rollups of native bridge infrastructure. Once we have more verifiable information, we will propose a plan of action.

As you can imagine, the Foundation and all of our staff were also exposed to these assets. “

The multi-chain Fantom bridge is at least as bad as villains have been able to steal a number of coins, including cryptocurrencies such as Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH) and three stablecoins. $126 million was exploited.

According to market analysis tool DefiLlama, Fantom’s total value lock (TVL) is fell It has grown significantly from $200 million before the incident to $67 million today.

Since then, Multichain has with shutter The CEO said he was arrested by Chinese authorities in May and has not been in contact with the blockchain team since.

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