Multichain cross-chain router protocol (formerly Anyswap) has asked users to revoke approvals for six tokens to avoid losses caused by a “critical vulnerability,” according to the company, which is being exploited by individuals with malicious intent.
The tokens that need to have their permissions canceled were WETH, PERI, OMT, WBNB, MATIC and AVAX on the Multichain platform that are now at risk, according to experts. To avoid damage, the Multichain team has advised its users to cancel all approvals given to the specified tokens so that they can protect their crypto assets.
Multichain also published a step-by-step tutorial on how users could revoke approvals. In the tweet, the company also urged users not to transfer any of the affected tokens before revoking approvals.
1/A critical vulnerability that affected 6 tokens (WETH, PERI, OMT, WBNB, MATIC, AVAX) has been reported and fixed.
All assets on both V2 Bridge and V3 Router are safe, and cross-chain transactions can be done safely.
More info 👇https://t.co/Mm6yWMwlCS
— Multichain (Previously Anyswap) (@MultichainOrg) January 17, 2022
The vulnerability was first detected by a security company called Dedaub, who soon reported it to the Multichain team. The issue was then fixed and Multichain claimed that all digital assets on their Bridge V2 and Router V3 are safe.
However, as of this writing, hackers are still exploiting the vulnerability to gain access to users' funds. Multichain confirmed that a total of 445 WETH ($1.412.274,25) were affected by the hack.
Reports have pointed out that hacking and other types of scams were responsible for the loss of more than $10,2 billion from users in 2021. However, despite the losses, the community is taking appropriate steps to adjust. CEO and founder of Immunefi security, Mitchell Amador recently told Cointelegraph that despite the emergence of entirely new vulnerabilities in the on-chain economy, the community is rapidly adapting to improve security.
