Alchemix votes to restore backing to Optimism/Arbitrum alUSD and alETH affected by the Multichain exploit

Alchemix governance has approved restoring full backing for its alUSD and alETH synthetic assets on Optimism and Arbitrum that were partially de‑backed after the 2023 Multichain bridge exploit, closing out a long‑running cross‑chain incident for the protocol. The vote aligns with a broader Alchemix v3 cross‑chain upgrade that has already replaced the legacy bridges on these rollups and fully re‑backed alETH earlier in 2024. The Multichain exploit in early 2023 affected assets bridged to Optimism and Arbitrum, leaving alUSD and alETH on those chains under‑collateralized because their canonical backing on the Multichain bridge was compromised. According to Alchemix’s later disclosures on the Arbitrum governance forum, this loss of backing persisted for an extended period while the team re‑architected its cross‑chain infrastructure and funding plan, with alETH ultimately re‑backed in early 2024. The newly passed Snapshot proposal formalizes using treasury resources and the new bridge architecture to restore backing for the remaining impacted Optimism and Arbitrum alAssets, so that alUSD and alETH on those networks are again fully collateralized in line with mainnet assets. This decision comes alongside Alchemix’s deployment of a v3 cross‑chain bridge on Optimism and Arbitrum that fully retires the old alUSD/alETH bridges tied to Multichain and replaces them with infrastructure native to the v3 “Alchemists” framework. The new setup preserves a multi‑signature verification model while adding additional verification providers such as Deutsche Telekom to strengthen cross‑chain reliability. For Alchemix, the combination of the governance vote and the v3 bridge rollout closes the chapter on the Multichain incident, restores confidence in alAssets on major L2s, and positions the protocol to scale its self‑repaying loan products across Optimism and Arbitrum under its updated v3 design. "entities":["Alchemix","Alchemix DAO","alUSD","alETH","Optimism","Arbitrum","Multichain","Alchemix v3","Alchemists (v3 framework)","ALCX","Deutsche Telekom"]}`

✨ AI-generated background, compiled from web sources — not editorial content.

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• Arbitrum
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• Optimism