Multichain Exploit. Ferrum's CTO, Taha Abbasi, checks in to address the key points of the recent Multichain hack.
07 Jul 2023, 19:04
🚨 Multichain Exploit 🚨
👉 Ferrum’s CTO, Taha Abbasi, checks in to address the key points of the recent Multichain hack.
🥊 To combat these hacks, Ferrum Network has pioneered a two-way liquidity pool bridge approach that removes the lock/mint mechanism responsible for honeypots and removes the ability for the bridging architecture to mint tokens. This means that even if an exploit occurs, the potential damage is significantly mitigated, ensuring the safety of our community members' assets.
💻 To address the immediate concerns and risks associated with the Multichain hack, Taha provided a list of tools that enable users to remove approvals on contracts that may have been given in the past, effectively reducing the potential risk exposure.
🛠 List of Tools
📄 Ferrum's Architecture Docs
We strongly encourage all users who have interacted with Multichain to utilize these tools and remove approvals for the impacted contracts.
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