Multichain Bridge Briefly Reopens, Enabling $1 Million Worth of WBTC Transfer from Fantom to Ethereum

According to Foresight News, the Multichain bridge briefly reopened for about two hours, processing transactions on the Fantom blockchain. During this time, a user successfully transferred nearly $1 million worth of Wrapped Bitcoin (WBTC) from Fantom to Ethereum, marking the first transaction on the cross-chain bridge in 117 days. The user also withdrew large amounts of Wrapped Ether (WETH) and Tether (USDT), and dozens of other users began using Multichain to transfer small amounts of cryptocurrency from Fantom.The users took advantage of the price differences between assets on Fantom and other blockchains to generate a $1 million return. Prior to the reopening, the trading price of WBTC on Fantom was about $7,000, approximately 80% lower than its market value. ETH and USDT were in similar positions. The user received 1.2 million FTM tokens (worth around $280,000) from Binance. They then exchanged 500,000 FTM for WBTC on the Fantom-based decentralized exchange Spookyswap and immediately sent the Bitcoin to Ethereum when the Multichain bridge reopened. The user used the same method to exchange the remaining FTM tokens for ETH and USDT and transferred them across the chain to BNB Chain.