Blockchain security firm Cyvers.ai has revealed how a crypto address used Multichain’s new bridge to deposit $1 million into Binance. The user’s adeptness at using Multichain’s bridge suggested a familiarity with the protocol’s inner workings.

According to Cyvers.ai, the entity sent roughly 1.2 million Fantom (FTM) tokens from Binance their crypto wallet. They then swapped 500,000 FTM for 28.4 Wrapped Bitcoin (wBTC) and moved it to Ethereum using the Multichain bridge, before sending the wBTC, worth $1 million, to Binance.

Multichain User Sends $1 Million to Binance

The million-dollar swaps were part of a broader effort to use arbitrage and exploit price differences between assets on the Fantom blockchain and other networks. The price of wBTC on Fantom was $7,000, approximately 80% lower than on other markets, which allowed the user a favorable exchange rate with FTM on SpookySwap, a decentralized exchange on Fantom.

Read more: What Is Fantom (FTM)?

The user then transferred the funds to Ethereum using the Multichain bridge before sending them to Binance. The Multichain bridge opened briefly for about two hours of the last 24 to process transactions from the Fantom blockchain after being closed for 117 days. 

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Author: David Thomas

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