Victorinox uses a steel equivalent to 425M at 55-56 HRC for the blades and 49-53 for the other tools. The blades are (nickel?) plated so there isnt much of a problem with rust except perhaps for the edges where of course there is no plating, but the steel itself is fairly rust resistant.
I think that most of the multitool manufacturers use 420 or 420 HC and they are probably no harder than the Victorinoxes. 420 series is also pretty corrosion resistant.
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