Fantom Team Attempts to Recover Funds After Multichain Bridge Hack

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fantom team attempts to recover funds after multichain bridge hack
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Cryptocurrency blockchain platform Fantom is attempting to recover user funds after the recent hack of cross-chain bridge Multichain, according to comments from Fantom co-founder Andre Cronje.

In a forum post, Cronje said the Multichain incident was “a big blow” to Fantom and that the team was “exploring all options” to recover users’ assets. The Multichain bridge, which allowed cross-chain transfers between Fantom and other blockchains, recently ceased operations due to lack of funds after a hack.

Cronje stated:

“We are exploring all options at this point, working with relevant organizations to try and recover assets. Beyond that also looking into other backstops or helping recovery, even using foundation treasury. Until we have more data we just can’t give any hard confirmations. We won’t leave this as is though, we will do everything in our power to make everyone whole.”

He said the Fantom team was engaging with various projects like Circle, Tether, TrueUSD and Binance to issue stablecoins natively on Fantom. The team was also considering rollup solutions for a native bridge infrastructure.

Cronje stressed that once the Fantom team had “more verifiable information” they would propose an “action plan” to recover users’ funds. He acknowledged that the Multichain incident was “a big blow” and said Fantom had assurances about Multichain’s security measures which ultimately proved insufficient.

The news indicates that the Fantom team is actively working to recover user funds lost in the Multichain bridge hack. However, details remain limited and no concrete recovery action plan has been proposed yet. Fantom users will be hoping the project can make significant progress in recovering at least some of the hacked assets.

This article is based on the original news published on Token Insight.

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