'Suspicious' Multichain Wallet Dumps $1.8M of WOO Network Tokens; Price Drops 8%

The wallet is actively selling CRV and YFI tokens on Uniswap.

AccessTimeIconAug 4, 2023 at 1:36 p.m. UTC
Updated Aug 4, 2023 at 2:23 p.m. UTC
  • Ethereum wallet linked to Multichain exploits sells over $4 million worth of altcoins.
  • Wallet is actively selling CRV and YFI on Uniswap.
  • Price of WOO token drops 8%.
  • Candy Digital Co-Founder on Building the Rails for Future Digital Engagement
    00:58
    Candy Digital Co-Founder on Building the Rails for Future Digital Engagement
  • U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High
    02:00
    U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High
  • U.S. Spot Bitcoin ETF Flows Drop in Q2: Kaiko
    00:47
    U.S. Spot Bitcoin ETF Flows Drop in Q2: Kaiko
  • What's the Biggest Problem With Play-to-Earn Model?
    00:47
    What's the Biggest Problem With Play-to-Earn Model?
  • An Ethereum wallet funded by a beneficiary of the Multichain exploit has sold $2.4 million of chainlink's token (LINK) and $1.8 million worth of WOO Network (WOO) tokens on Uniswap, causing the price of WOO to slump by 8%.

    The wallet, which was created on Friday morning, received funds from an address tagged as "suspicious" by etherscan. It obtained the tag after it received lockup funds from Multichain team's multi-signature address despite reportedly being unknown to the Multichain team.

    Multichain ceased operations last month after the company's CEO Zhaojun and his sister were held in detention by Chinese police. The bridging protocol was exploited a few weeks prior with $130 million being stolen across several blockchains before being sent to the wallet tagged as suspicious on etherscan.

    Alongside deposits of WOO and LINK, the wallet received $800,000 worth of CRV tokens and $870,000 worth of YFI, both of which are actively being sold on Uniswap.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.