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Multichain Executor has been ‘draining’ AnySwap tokens: Report

b6a1bb5c-bfca-4960-8369-173bb24145d2.jpg

The contract has used an “anySwapFeeTo” function to transfer hundreds of thousands of dollars worth of tokens to itself, which on-chain sleuth Spreek suspected may have been malicious.

A person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the Multichain team as “abnormal.”

The Multichain Executor address has been draining anyToken addresses across many chains today and moving them all to a new EOA pic.twitter.com/gqDaXMBl96

— Spreek (@spreekaway) July 10, 2023

According to Spreek’s July 10 report, “The Multichain Executor address has been draining anyToken addresses across many chains today and moving them all to a new EOA [externally owned account].”

An image attached to the post shows Ethereum transaction 0x53ede4462d90978b992b0a88727de19afe4e96f0374aa1a221b8ff65fda5a6fe. Blockchain data reveals that this transaction called the “anySwapFeeTo” method on the Multichain Router: V4 contract, causing approximately $15,275.90 worth of anyDAI — a derivative version of the Dai (DAI) stablecoin — to be minted on Ethereum and sent to the Multichain Executor, who then burned it and exchanged it for the underlying DAI backing the asset.

DAI conversion by the Multichain Executor. Source: Etherscan

In a separate comment, Spreek said the funds are being sent to the following address: 0x1eed63efba5f81d95bfe37d82c8e736b974f477b. Ethereum blockchain data shows that this address received the redeemed DAI from the Multichain Executor on July 10, about five minutes after the previous transaction.

Data for BNB Smart Chain (BSC) shows that the Multichain Executor also called the anySwapFeeTo function on its network for $208,997 worth of anyUSDC. This resulted in $208,997 worth of the tokens being converted into its underlying Binance-Pegged USDC, which were subsequently sent to this same address. In other BSC transactions, the contract used this process to convert 50.80 anyBTC, worth $39,251.43 at the time, to equivalent Binance-Pegged Bitcoin and send it to this address.

The transactions add up to approximately $263,524.33 worth of tokens sent to this address through the anySwapFeeTo method.

Spreek said this behavior could be part of the normal functioning of the protocol. On the other hand, a different account had engaged in similar behavior the day before, Spreek stated. The other account eventually sold the drained tokens, providing evidence that it was malicious:

“It is unclear whether this is authorized behavior. Previously the same method was used yesterday by a different MPC address on the anyUSDT token on mainnet. The tokens were then immediately sold to ETH, suggesting that that similar address was the actions of a malicious actor.”

The on-chain sleuth theorized that the attacker may be using the anySwapFeeTo function to set fees to an arbitrarily large amount, allowing them to drain users’ funds. This function “[a]pparently allows ANY value to be set, so the address is simply choosing the total value of the token held in that anyToken,” Spreek stated.

The Multichain incident has baffled blockchain analysts, as no one has been able to prove whether it resulted from an exploit or is simply the result of large tokenholders moving their funds between networks. The mystery began on July 7, when over $100 million worth of tokens were withdrawn from the Ethereum side of Multichain’s Fantom, Moonriver and Dogechain bridges and sent to wallet addresses with no previous transactions. These withdrawals represented the majority of funds held on each bridge.

The Multichain team declared that the withdrawals were “abnormal” and told users to stop using the protocol. However, the team did not declare what the source of the anomaly was or could be.

On July 8, stablecoin issuers Circle and Tether froze some of the addresses that received funds tied to the strange transactions. On July 11, blockchain analytics firm Chainanalysis said the incident “looks more like a hack or rugpull and less like a migration.”

The Multichain team says their CEO is missing and that they’ve shut down some bridges due to no longer having access to some of the network’s multi-party computation network servers.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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