Multichain, a cross-chain bridge protocol, has suffered one of the largest cryptocurrency hacks to date, resulting in the loss of $125 million. Recent reports suggest that the exploit may have been an inside job. In a new twist, the firm has lost an additional $103 million which were transferred in bits to different addresses.

The incident highlights the need for robust security measures in decentralized finance (DeFi) projects and the risks and challenges faced by the emerging sector. While this breach may dent trust in the short term, it also presents an opportunity for the industry to strengthen its security practices and foster a more secure and resilient decentralized financial ecosystem.