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Crypto News

Using Twitter Phishing, A Multichain Assault Starts An FTM Distribution Campaign

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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The users that were hacked were sent the tweet, which contained a phishing link that led them to believe it was from the Fantom Foundation.

Hackers don’t seem to be slowing down as they carry out their constant attacks. Shortly after the Multichain compromise, fraudsters on Twitter started disseminating a phishing link.

The fake distribution of Fantom to users, which has been fraudulently linked to the Multichain assault, is gaining a lot of attention on Twitter. Twitter users have shown a lot of interest in the post.

The scammers wrote in the tweet:

“Fantom Foundation is sending out an emergency FTM distribution to all users as a result of the Multichain attack. Everyone who has engaged with the FTM chain is qualified to claim.

The affected users were sent a tweet that contained a phishing link, tricking them into thinking it came from the Fantom Foundation, the nonprofit group that runs the Fantom network.

Fantom Foundation is providing an urgent FTM distribution to all users as a result of the Multichain breach. Everyone who has dealt with the FTM chain is qualified to make a claim.

A concerning scenario arose on July 6 when substantial outflows were discovered on Multichain’s platform. Multichain responded by putting a halt to operations while it looked into the problem. By the end of the day, unauthorized transfers of Multichain assets totaling about $125 million had been made to various wallets. The Fantom Bridge was the most frequently attacked, and its assets of Wrapped Bitcoin, USD Coin, Tether, and other cryptocurrencies were stolen, totaling over $122 million.

In response, Multichain strongly advised users to stop using the protocol and withdraw all associated contract approvals. It was advised to take this preventative measure until investigations were finished and a thorough explanation was given.

Binance CEO Changpeng “CZ” Zhao assured his Twitter followers that all monies were safe by stating that the exchange was unaffected by the hack throughout the inquiry. Furthermore, he confirmed that Binance had already carried out an asset swap and had long since stopped taking deposits from Multichain.

These types of Twitter hacks are becoming more frequent in the cryptocurrency sector. Users should use caution and avoid clicking on unknown links.