Multichain attack triggers Twitter phishing scheme for FTM distribution

Hackers continue their relentless activities and are showing no signs of slowing down. Soon after the Multichain hack, these malicious individuals struck again. Their latest tactic involves spreading phishing links via Twitter.

The bogus distribution of Phantom (FTM) to users, which has been falsely linked to a multichain attack, is spreading rapidly on Twitter, attracting significant attention. The post has received several retweets, views and even bookmarks from Twitter users.

In the pseudo tweet, the malicious persons said as follows;

“Due to the multichain hack, The Phantom Foundation is issuing an emergency FTM distribution to all users. All users who have interacted with the FTM chain are eligible to claim.”

A phishing link was included in the tweet and shared with users affected by the hack, leading them to believe that it was linked to the Phantom Foundation, the non-profit organization responsible for the Phantom (FTM) protocol.

Due to the Multichain hack, the Phantom Foundation is issuing an emergency FTM distribution to all users.

All users who have interacted with the FTM series are eligible to claim.

GET NOW ➡️ https://t.co/UUOBcycz8t#phantom #multichain #FTM #ftmusdt#phantommahackathon $USDC,

– Phantom Foundation (@FantomFNlD) 7 July 2023

On July 6th, Multichain faced a worrying situation when a significant outflow was detected on its platform. In response, Multichain suspended operations to investigate the issue. By the end of the day, approximately $125 million worth of Multichain assets had been illegally transferred to various wallets. The most targeted asset was Phantom Bridge, from whose holdings approximately $122 million worth of wBTC, USDC, USDT and other altcoins were stolen.

Looks like another hack has happened on Multichain. Does not affect users @binance Or @binance on one’s own. We have swapped all the assets some time ago and closed the deposits. Despite this, we offer our assistance in dealing with the situation.

Live #SAFU, https://t.co/GGInbxFkic

— CZ Binance (@cz_binance) 7 July 2023

In light of these developments, users were strongly recommended To halt all activity on the MultiChain protocol and to cancel any contract approvals associated with MultiChain. This precautionary measure was advised till the investigation is completed and a comprehensive explanation is provided.

Connected: Circle, Tether seize over $65 million in assets transferred from MultiChain

During the ongoing investigation, Binance CEO Changpeng ‘CZ’ Zhao used Twitter to Inform His followers said that major digital asset service providers remained safe from the attack, assuring them that all funds are safe. Additionally, he verified that Binance has already executed an asset swap and stopped accepting deposits from Multichain some time ago.

Such Twitter hack cases are becoming increasingly prevalent in the crypto industry. It is important for users to exercise caution and avoid clicking on unfamiliar links.

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