Scammers are consistently targeting the crypto sector without displaying any signs of stopping. Just following the Multichain exploit, hackers began disseminating a phishing link on the top social media platform Twitter. The deceitful circulation of Fantom (FTM) tokens to the consumers is falsely connected to the Multichain exploit. The respective project has allured great attention from consumers on Twitter.
After Multichain Exploit, Scammers Launch Phishing Scheme on Twitter to Disseminate FTM
On Twitter, the hackers noted that because of the Multichain exploit, Fantom Foundation has decided to issue the FTM token on an emergency basis to the users. In this way, they added, every consumer who has communicated with the FTM chain can claim the tokens. In that tweet, there was a link specified for the affected clients. The hackers made them believe that the link was related to Fantom Foundation.
Fantom Foundation is a non-profit organization that is credited to operate the Fantom network. On the 6th of July, Multichain came to the front and responded to the disturbing situation as huge outflows were witnessed on the platform. In its reaction, the company terminated its activities. In addition to this, it started an investigation regarding the issue.
By the day’s end, almost $125M worth of assets at Multichain had been illegally transacted to diverse wallets. The Fantom Bridge turned out to be the most targeted in this respect. It lost nearly $122M worth of USD Coin, Wrapped Bitcoin (WBTC), Tether (USDT), as well as the rest of the altcoins from the holdings thereof. Multichain responded to this and strongly advised the clients to stop the entirety of operations on the platform.
Binance CEO Says Assets are Secure on the Crypto Exchange
Additionally, the company directed them to revoke the contract approvals of any kind linked with it. The platform said that the respective precautionary action should be followed till the conclusion of investigations as well as a wide-ranging explanation. As included in the investigation, Changpeng Zhao (the CEO of Binance) told his followers on Twitter that the crypto exchange did not get any impact from the attack.
Furthermore, Zhao assured the community that the funds of the consumers were secure. After that, he validated that the platform had already performed an asset swap apart from ceasing the acceptance of Multichain deposits. Such Twitter hacks are increasing within the crypto market. Consumers need to be more cautious and should avoid clicking unacquainted links.