Multichain attack activates Twitter phishing scheme for FTM distribution

Hackers continue their relentless activities and show no signs of slowing down. Soon after the Multichain hack, these attackers launched another attack. Their latest tactic is to distribute phishing links via Twitter.

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

In disguised tweets, the well-wishers said the following;

“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.

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

On July 6, Multichain entered a worrying situation when significant outflows were detected on its platform. In response, Multichain has suspended operations to investigate the issue. By the end of the day, approximately $125 million in 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.

In light of these events, users were strong recommended To cease all activity on the Multichain protocol and to withdraw all contract approvals related to Multichain. This caution was advised till the investigation is completed and details are provided.

Connected: Circle, Tether Seized Over $65 Million in Assets Transferred from MultiChain

During the ongoing investigation, Binance CEO Changpeng ‘CZ’ Zhao used Twitter to To inform His followers said that the major digital asset provider was not harmed by the attack, assuring them that all funds are safe. Furthermore, he verified that Binance has already swapped assets and stopped accepting deposits from Multichain some time ago.

Such Twitter hack cases are becoming common in the crypto industry. It is important that users are careful not to click on unknown links.

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