Multichain Protocol Suffers $1.8 Billion Rug-Pull Incident, Fantom Blockchain Most Impacted

Multichain protocol suffered a rug-pull incident leading to $1.8 billion in locked wallets, and rumors suggest Chinese authorities have arrested the team members and taken control of the wallets. The impact has been felt most on the Fantom blockchain, with 36.7% of its total assets wrapped on Multichain. Despite concerns, Fantom has reassured users that its Multichain Bridge is functioning normally, and the FTM token has only experienced a slight decrease in value. As a precautionary measure, the Fantom Foundation has withdrawn its funds from liquidity pools on Sushiswap.

Original Link

Comments

All Comments

Recommended for you

Caixin: Mainland investors are currently not allowed to participate in the trading of Hong Kong virtual asset spot ETFs

According to Caixin, the first batch of six virtual asset spot ETFs issued by Boshi International, Huaxia Fund (Hong Kong), and Jiashi International has been officially approved by the Hong Kong Securities Regulatory Commission. The goal is to be listed on April 30, 2024. It should be noted that mainland Chinese investors are currently not able to participate in the trading of these ETFs, despite the fact that they are first issued by Hong Kong companies under the umbrella of Chinese public funds.According to the product list on the Hong Kong Securities Regulatory Commission website, these six virtual asset spot ETFs were officially approved on April 23, 2024. The products are as follows: Jiashi Bitcoin Spot ETF (03439.HK), Jiashi Ethereum Spot ETF (03179.HK), Huaxia Bitcoin ETF (03042.HK), Huaxia Ethereum ETF (03046.HK), Boshi HashKey Bitcoin ETF (03008.HK), and Boshi HashKey Ethereum ETF (03009.HK).
U.S. House of Representatives: Agreement on stablecoin regulation will soon be reached with the Chairman of the Financial Services Committee

Maxine Waters, the Democratic leader of the US Financial Services Committee, predicted on Wednesday that she and Chairman Patrick McHenry will soon reach an agreement on stablecoin regulation legislation.
Cointime精选 ·

Reducing latency games by levelling the playing field on block size for PBS

For this post, block size refers to the number of serialised bytes in a block. Currently, the average block size is over 100k https://etherscan.io/chart/blocksize 1. Note that we are talking about bytes, not gas limit.
Glassnode ·

The Fourth Halving

The fourth Bitcoin Halving has occurred, leading to a 50% reduction in supply inflation and an inherent increase in issuance scarcity. In this edition, we explore the evolution of the Bitcoin network across Epochs with respect to price performance, and fundamental network metrics.
Coinstore ·

2024 Coinstore Premiere Brand Conference Has Completed Successfully
Bitcoin Asia ·

Bitcoin Conference to Bring Star-Studded Lineup of Speakers to Hong Kong on Dawn of Historic ETFs.

Excitement is brewing in the heart of Asia as Hong Kong regulators pave the way for a new era of innovation with the recent approval of spot Bitcoin exchange-traded funds (ETFs). This groundbreaking development underscores Hong Kong's commitment to becoming a regulated hub for Bitcoin. At the same time, the Bitcoin Conference is bringing the best and brightest Bitcoiners from around the world to Hong Kong for Bitcoin Asia.
Cointime精选 ·

UNVEILING THE CELESTIAL MASTERY: TREVOR JONES’ CRYPTOANGELS PROJECT

Renowned digital artist Trevor Jones, a visionary in the fusion of traditional art with blockchain technology, is set to transcend boundaries with his latest project, CryptoAngels. This ambitious initiative is not merely an art drop; it’s a comprehensive ecosystem encompassing physical and digital realms, games, and a vibrant community engagement, promising to be a cornerstone event in the NFT landscape of 2024.
Arthur Hayes ·

Left Curve

Some of you think you are masters of the universe right now because you bought Solana sub $10 and sold it at $200. Others did the smart thing and sold fiat for crypto during the 2021 to 2023 bear market but lightened up as prices surged in the first quarter of this year. If you sold shitcoins for Bitcoin, you get a pass. Bitcoin is the hardest money ever created. If you sold shitcoins for fiat that you don’t immediately need for living expenses, you are fucking up. Fiat will continue to be printed ad infinitum until the system resets.
Binance Founder Faces Potential Three-Year Prison Sentence and $50 Million Fine for Money Laundering and Sanctions Violations

Binance founder Changpeng Zhao has been recommended a three-year prison sentence by federal prosecutors for violating federal money laundering laws and sanctions. The Department of Justice argued that this sentence would hold him accountable for his intentional criminal conduct and send a message to the world. Zhao made a "business decision" to break the law to attract users, build his company, and line his pockets, according to prosecutors. Along with the prison sentence, DOJ lawyers also requested that Zhao pay the $50 million fine he agreed to as part of a plea deal. Zhao, who is a citizen of the UAE and Canada, has been released on a $175 million bond but must remain in the U.S. until his sentencing on April 30.
Indonesian President: $8.6 billion laundered through cryptocurrency in 2021

According to Golden Finance News, Indonesian President Joko Widodo stated that he has noticed signs of money laundering through cryptocurrency in 2021, amounting to $8.6 billion (IDR 139 trillion). In addition to cryptocurrencies and NFTs, the president emphasized the need to monitor other potential money laundering tools, including virtual assets, market activities, e-currencies, and AI-driven transactions. Mahendra Siregar, Chairman of the Financial Services Authority (OJK) Committee, responded to the President's directive, stating that when cryptocurrency regulation is transferred to the OJK next year, his agency will supervise these issues.