A phishing link was placed in the tweet and shared with the hack’s victims, leading them to believe it was from the Fantom Foundation. Hackers continue their persistent onslaught, showing no signs of relenting. Scammers began sharing a phishing link on Twitter shortly after the Multichain hack.
The fraudulent distribution of Fantom FTM to individuals purportedly related to the Multichain hack is quickly spreading on Twitter and gaining traction. Twitter users have shown a lot of interest in the post.
The scammers stated in their tweet: “Due to the Multichain hack, Fantom Foundation is distributing emergency FTM to all users.” Everyone who has engaged with the FTM chain is entitled to claim.”
A phishing URL was included in the tweet and shared with the affected individuals, leading them to assume it was affiliated with the Fantom Foundation, the nonprofit organisation responsible for the Fantom network.
On July 6, Multichain confronted a worrying situation when substantial outflows were noticed on its platform. In response, Multichain paused operations to investigate the problem. By the end of the day, about $125 million in Multichain assets had been illegally transferred to multiple wallets. The Fantom Bridge was the most targeted, with around $122 million in Wrapped Bitcoin (WBTC), USD Coin, Tether, and other cryptocurrencies stolen from its assets.
In response, Multichain strongly advised users to suspend all protocol-related operations and withdraw any contract approvals associated with it. This cautious action was recommended until the inquiry was completed and a thorough explanation was provided. During the investigation, Binance CEO Changpeng “CZ” Zhao notified his Twitter followers that the exchange had been unaffected by the hack, assuring them that all money were safe. In addition, he confirmed that Binance had previously completed an asset swap and had stopped accepting Multichain deposits some time ago. Twitter hacks like this are becoming more common in the crypto business. Users should be cautious and avoid clicking on strange links.