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

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

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

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

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

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

By Oliver Knight
AccessTimeIconAug 4, 2023, 1:36 PM
Updated Aug 4, 2023, 2:23 PM
Multichain-linked wallet sells over $4 million of altcoins (Towfiqu Barbhuiya/Unsplash)
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  • 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%.

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%.

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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.

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Oliver Knight

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

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