Trader Turns $280k to $1.9M in Hours Through Multichain Exploit; Suspicions of Insider Job Arise

Opportunity Seized

A wallet address managed to convert nearly $280,000 worth of FTM tokens into $1.9 million within a few hours by taking advantage of a momentary opening of the long-frozen Multichain Bridge. This has led to speculation within the crypto community about the possibility of an insider job.

Bridge Opening and Profit

The Multichain Bridge, which had been frozen since a previous exploit in July 2023, briefly opened and then closed again on November 1. During this brief window, the wallet address seized the opportunity to generate millions of dollars in profits.

According to reports, the wallet withdrew 1.2 million FTM tokens from Binance, traded them for depegged assets such as WBTC, ETH, and USDT on the Fantom network, and then bridged them back to the Ethereum network.

Assets Swapped

The wallet address, starting with 0x4372, successfully converted the FTM tokens into:

• 28.4 WBTC ($977,000)
• 357 ETH ($642,000)
• 298K USDT

After swapping the assets, the wallet address eventually transferred them back to Binance.

Community Focus on "Multichain Executor"

While attention was initially on the wallet address involved in the exploit, the crypto community is now particularly interested in the "Multichain executor." This is due to a previous exploit in July where the Multichain Fantom bridge was used to drain over $126 million worth of assets, including Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and USD Coin (USDC).

Many individuals on social media platforms have questioned the timing of this recent trade, suggesting it may be an insider job. They point out that the Multichain Bridge, which had been closed for over 120 days, suddenly opened for these specific transactions, benefiting only the owner of the wallet address.

No Official Statements Yet

As of the time of publication, neither Fantom Network nor Multichain has released an official statement regarding this exploit.