Multichain Exploits: Andre Cronje Vows to Explore Recovery Options After $126 Million Asset Loss
Co-founder Andre Cronje provides an update on Multichain’s recent hack, promising to take necessary steps to recover assets and restore user confidence.
In the aftermath of Multichain’s devastating hack, Andre Cronje, co-founder of the bridging protocol, addressed the incident, expressing disappointment in the team’s assurances regarding server decentralization, access, and geolocation distribution. Cronje emphasized the need for vigilance, urging everyone to “don’t trust, verify.”
Cronje reassured affected users and stakeholders that every possible avenue is being explored to recover the stolen assets. Collaboration with relevant organizations and potential utilization of the foundation treasury are among the options under consideration. However, he cautioned that more data is required before definitive action plans can be presented, but pledged to spare no effort in making everyone whole.
The team is actively engaging with Circle, Tether, TrueUSD, Binance, and other entities for native issuance, while also reviewing rollups for native bridge infrastructure. The aim is to establish a more secure and verifiable framework for future operations.
Cronje acknowledged that the foundation and its staff also had exposure to the compromised assets, highlighting their personal stake in resolving the situation.
The latest update from Andre Cronje shared in Fantom Network’s forum indicates a determined stance to address the Multichain exploit head-on, seeking recovery options and exploring measures to prevent such incidents in the future. As the investigation progresses, affected users and industry participants eagerly await further developments and a comprehensive action plan to rectify the damage caused by the hack.