Multichain lost ~$126M on July 6-7, 2023 from bridge reserves on Fantom, Moonriver and Dogechain (WBTC, WETH, USDC, USDT, DAI, LINK and more). CEO Zhaojun, who held the MPC signing keys, had been detained since May 2023; project shut down days later.

Around $126 million worth of tokens have been withdrawn from the Multichain bridge on the Fantom network. 7,200 WETH (approximately $13.7 million) and $4 million in stablecoin DAI (the above four tokens are worth more than $100 million), which also includes other tokens such as Chainlink, YFI, Wootrade Network, and UniDex’s total supply nearly a quarter. Assets also appear to be moving on Multichain’s Moonriver bridge, including 4.8 million USDC and 1 million USDT. Dogechain also experienced abnormal fund flows, and at least 660,000 USDC were sent to the same wallet as Moonriver's fund flows. Multichain tweeted that the “team is unsure of what happened and is currently investigating” and advised users to stop using the service and withdraw contract approval.