Clarification Concerning the Multichain Bridge Hack. Safety Measures and Impact on EQ & EQD Tokens
In the wake of the recent Multichain bridge hack, Equilibrium users have understandably expressed concerns about the safety of their funds. However, we’re here to address those concerns and provide a comprehensive analysis and explanation. In the aftermath of this event, Equilibrium remains committed to maintaining transparency and safeguarding your assets.
Let’s delve into the details.
Analyzing the Multichain Bridge Hack
The Multichain team has provided a detailed explanation of the events leading to the current situation. Understanding what happened is crucial to regaining trust and moving forward. We appreciate the transparency displayed by the Multichain team in this regard.
Addressing Equilibrium User Questions and Concerns
1. What happens to EQ token holders?
Your EQ tokens are SAFU (Secure Asset Fund for Users). Our team is actively working on identifying all stuck transfers, both from Equilibrium to Ethereum and vice versa. Once we’ve gathered all the necessary information, we’ll perform the required token manipulations to return EQ token balances to their originators.
2. What happens to the EQD-USDC stable pool?
The biggest pool depositor is a single investor who holds almost all of the USDC in the pool. We have temporarily removed the EQD-USDC pool from the user interface to ensure the safety of funds. We’ve disallowed transactions like liquidity provision, extraction, and swaps in this pool. Our protective action will not impact the EQD stablecoin stability.
We’re actively identifying USDC-related incoming transactions through the Multichain bridge to mitigate further impact. Our goal is to track the whereabouts of the original ERC-20 USDC tokens and establish contact with both the Multichain Customer Fund and Multichain User Care teams. Furthermore, we’ll attempt to communicate with the Circle team, the issuer of USDC, to seek any assistance they can provide. While we cannot guarantee success in these efforts (as we neither have a Circle account nor are in any way associated with Circle), we are committed to exploring every avenue to address the situation comprehensively.
3. How can I return my USDC?
Regrettably, we currently do not have the answer to this question. We recommend reaching out to Multichain support directly for assistance. We’re working to resolve this situation and achieve the best possible outcome for our users.
4. What happens to the EQD peg?
The EQD peg remains intact. As a multi-collateral backed stablecoin, EQD’s value is not reliant on Multichain USDC tokens. Moreover, EQD continues to gain widespread adoption across the Polkadot ecosystem, further solidifying its stability.
Commitment to User Funds Safety and Swift Resolution
At Equilibrium, our users’ funds’ safety and security are vital. While the Multichain bridge hack was unforeseen, we’ll continue to provide updates and maintain open lines of communication throughout this process. Your trust is valuable to us. We’re committed to ensuring full transparency and honesty.
About Equilibrium
Equilibrium is a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. EQ is the native utility token that is used for communal governance of Equilibrium. Dollar-pegged EQD is Equilibrium’s native decentralized stablecoin, collateralized by a weighted basket of assets and used as a universal unit of value within the DeFi ecosystem. eqDOT is a liquid DOT staking wrapper that allows users to participate in DeFi on Equilibrium while earning DOT staking yield.
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