Circle, Tether Freeze $65 mn In Assets
Circle and Tether, two stablecoin issuers, have frozen assets worth more than $65 million in connection with a suspected exploit of the cross-chain router protocol Multichain.
After a series of large outflows from the Multichain MPC bridge on July 6, many questions remained unanswered.
0xScope, a knowledge graph protocol, identified three addresses that received at least $63.2 million in USD Coin (USDC) from Multichain and have now been frozen.
Furthermore, the Fantom Foundation reported that over $2.5 million in Tether (USDT) has been frozen from two addresses listed as “Multichain Suspicious Addresses” on Etherscan.
On July 6, over $125 million in cryptocurrencies were withdrawn from various wallets, affecting the ecosystems of Multichain’s Fantom bridge, Dogechain, Moonriver, Kava, and Conflux.
According to a recent report from blockchain security firm SlowMist, more than $30 billion in crypto assets have been hacked in hundreds of incidents since 2012.
(With inputs from Shikha Singh)
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