In a surprising turn of events, the Multichain platform has witnessed a sudden halt in activity, sparking suspicions of a potential hack or rugpull rather than a planned migration. Alarming reports have emerged of multiple bridges being drained, indicating a possible breach in the system's security. However, there is a silver lining as it seems that there is no immediate need to revoke approvals.

https://etherscan.io/tx/0xde3eed5656263b85d43a89f1d2f6af8fde0d93e49f4642053164d773507323f8

The timeline of events paints a concerning picture:

4:21 PM UTC - First Suspicious Transaction: A transaction is sent, raising eyebrows regarding its nature and intent. Link to transaction

6:33 PM UTC - Draining of 30MM WBTC from Multichain Bridge: Disturbingly, a significant amount of Wrapped Bitcoin (WBTC) and other assets are withdrawn from the Multichain bridge. Link to transaction

7:06 PM UTC - PeckShield's Warning: Renowned blockchain security firm, PeckShield, tweets about the situation, further fueling concerns among the crypto community. Link to tweet

7:35 PM UTC - LayerZero Denies Involvement: LayerZero, a prominent blockchain infrastructure provider, confirms that they are not directly involved in the suspicious activities, adding another layer of uncertainty to the situation.

7:46 PM UTC - Drainage of Moonriver Bridge: The draining spree expands as the Multichain Moonriver bridge falls victim to the mysterious transactions. Link to transaction

8:05 PM UTC - Draining of Dogechain Bridge: The Multichain Dogechain bridge becomes the next target of the ongoing drainage, deepening concerns about the extent of the breach. Link to transaction

The series of events has left the cryptocurrency community on edge as they await further information about the motives behind these suspicious activities. The draining of multiple bridges suggests a coordinated effort to siphon funds from the Multichain ecosystem.

Despite the gravity of the situation, there is some relief in the fact that approvals do not require immediate revocation. However, it is crucial for users and stakeholders to exercise caution and closely monitor developments surrounding Multichain to safeguard their assets.

As investigations unfold, the Multichain team must work swiftly to identify the root cause of these incidents, enhance security measures, and provide transparent updates to regain the trust of their users and the wider cryptocurrency community.

#hackers #rugpull #multichain #MULTI $MULTI

Rug pulls are a major concern in the cryptocurrency world, and it's important to be aware of the signs so you can protect yourself from losing money. Here are 10 tell-tale signs of a crypto rug pull:
Unkown development team: If the team behind the cryptocurrency is anonymous or unknown, it's a major red flag. Reputable projects have teams with public identities and proven track records.Locked liquidity: Liquidity refers to the ease with which a cryptocurrency can be bought or sold. If the liquidity is locked, it means that investors cannot easily sell their tokens, which is a major sign of a rug pull.Hype marketing: If the marketing for a cryptocurrency is all about hype and promises of quick riches, it's a sign that the project is more interested in taking your money than in building a sustainable product.Unrealistic returns: If a cryptocurrency is promising returns that are too good to be true, they probably are. Rug pullers often lure investors in with promises of massive gains.Complex tokenomics: If the tokenomics of a cryptocurrency are complex and difficult to understand, it's a sign that the project may be trying to hide something.No whitepaper: A whitepaper is a document that outlines the technical details of a cryptocurrency project. If there is no whitepaper, it's a major red flag.Unsigned audits: An audit is an independent review of a cryptocurrency project's code. If the code has not been audited by a reputable firm, it's a sign that the project may be hiding something.Social media shilling: If the only social media activity for a cryptocurrency is from anonymous accounts shilling the project, it's a sign that the project is not legitimate.Disabled comments: If the comments are disabled on a cryptocurrency's social media channels, it's a sign that the project is trying to control the narrative and prevent negative feedback.Inactivity from the development team: If the development team behind a cryptocurrency is inactive and not communicating with the community, it's a sign that they may be planning to rug pull.
#rugpull #CryptoScamAlert #CryptoScamAwareness

How to detect a rug pull

There are several ways to detect a rug pull. Some of which will be mentioned here.

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Four ways to Detect #rugpull

▪When developers are making money

▪The project arose out of nowhere

▪Developers that choose to remain anonymous

▪Liquidity issues

◾️When developers are making money

Although this may not seem to be a fraud in a free market, it qualifies as such if the initiative was developed solely for this goal.

malevolent developer, as in the previous two frauds, builds a project with an exaggerated value proposition.

The project arose out of nowhere 👀

◾️Rug pulls seem to appear out of nowhere, while legitimate cryptocurrencies and DeFi initiatives take years to build.

These phony enterprises are often backed by a lot of hype, leveraging on currently prevalent cultural memes.

Developers that choose to remain anonymous

When the dev refuse to show his / her self

The project meant be #Rugpull

Founder meant be scared not to get catch 🤦🏽‍♂️

And fake his identity

they may have excellent legal reasons for doing so, and you should probably avoid that coin.

Liquidity issue

You can’t check the liquidity of DeFi projects, but you can always do it with a cryptocurrency. Low liquidity suggests that converting the token to cash is difficult, which might be due to the creator having a limited amount of funding to manufacture the token

#Share #MEXC #rugpull Recently, there have been rumors on social media about the MEXC_CEO Twitter account. We sorry for any confusion caused by this incident and would like to clarify the following:Timeline of MEXC CEO's account:🔹In the early stages of MEXC's global market development: MEXC platform did use the Twitter account MEXC_CEO for promotion and maintaining brand image, engaging with users and project partners on Twitter.🔹July 2022: The original CEO left the position.🔹December 2022: The original CEO officially resigned from MEXC. The Twitter account MEXC_CEO was never officially verified by the MEXC platform, and due to its minimal content and followers, MEXC did not make a specific announcement (this is the fundamental reason for the widespread misunderstanding caused by the deletion of this account).🔹December 2023: Fans reported the deletion of the MEXC_CEO Twitter account. The individual associated with this account has no actual connection with MEXC Official.We sincerely apologize for any confusion caused by this incident. In the future, MEXC will handle such events more cautiously, and we have reflected on and made the following improvements:1. We’ve removed all interactive tweets from the former CEO, with no further explanations to avoid additional misunderstandings.2. Going forward, we will make public announcements of all significant personnel changes involving official media accounts.3. All official accounts on the MEXC platform are verified on the MEXC official verification platform: mexc.com/official-verify.MEXC's growth is inseparable from the understanding, trust, and support of our users and fans. We appreciate your feedback on all issues, and will make improvements accordingly.Thank you once again for your support. Merry Christmas to you all!MEXC Team

In the ever-changing world of cryptocurrency, it is vital to remain vigilant. Today, we once again witnessed a regrettable incident: the Solana Squid project officially collapsed, and countless investors suffered huge losses. This incident once again reminds us that when investing in any project, we must carefully review its authenticity.
what happened?
Solana Squid claims to be a legitimate project inspired by the original BNB chain Squid, but now it has taken away investors' funds. This continues the practice of many projects taking advantage of the popularity of (Squid Game) to deceive investors. The promise of high returns and seemingly legitimate operations are ultimately nothing more than a scam.

Imagine a scam like this... a cryptocurrency project promising investors to crush Bitcoin, and that promise was enough to raise billions of dollars from people around the world, and ended with the mastermind disappearing without a trace.

This is the story of Dr. Ruja Ignatova, now known as the “Lost Queen of Crypto.” She promised people riches through a digital currency called OneChain, but it had no real value and could not be used for anything. The platform they were promised to convert this currency into real cash never materialized, but the money kept flowing into their pockets until the scam was exposed. Today, she is a fugitive, wanted by the FBI as one of its “10 Most Wanted,” and pursued by international authorities.