The issuer of the largest stablecoin, Tether, has frozen $2.5 million in USDT due to a potential breach of the Multichain cross-chain protocol. In addition, stablecoin providers Circle and Tether held over $65 million in resources related to this estimated manipulation of the Multichain cross-chain modem method.
Suspect addresses identified
The Fantom Foundation, the entity behind the Fantom network, has reported three addresses associated with the Multichain exploit that have been blocked by USDC issuer Circle. These addresses collectively held over $65 million in assets, the majority of which were composed of USDC. According to the 0xScope protocol, three addresses that received at least $63.2 million in USD Coin from Multichain are now frozen.
Freezing Tether funds
In a separate report, the Fantom Foundation states that over $2.5 million in Tether was also frozen at two addresses listed by Etherscan as “Multichain Suspicious Addresses”. In total, over $125 million worth of crypto-currencies were withdrawn from several wallets on July 6.
Multichain sous le feu des projecteurs
A few days ago, Circle and Tether imposed restrictions on over $65 million in assets after detecting a potential attack. The move was prompted by Multichain’s abrupt cessation of operations. It was on July 6 that this cessation of activities was spotted after a mysterious transfer of crypto assets worth several dollars.
Suspension of Multichain functions
Multichain actually suspended its own functions after a disconcerting movement of cryptographic resources worth several dollars occurred on July 6. The relocation adheres to inexplicable large discharges from the Multichain MPC link on the same day.
Stablecoin issuers react quickly
In response to these suspicious and potentially malicious movements, stablecoin issuers Circle and Tether took swift action to protect their users and secure funds. The speed of their response demonstrates their commitment to the security and protection of their customers.
Collaboration with the Fantom Foundation
Circle worked closely with the Fantom Foundation to identify suspicious addresses and freeze the associated funds. This collaboration between different industry stakeholders demonstrates the importance of cooperation in ensuring the security and stability of the crypto-currency market.
The potential breach of the Multichain cross-chain protocol and the rapid freezing of assets by Tether and Circle underline the importance of security and vigilance in the crypto-currency world. Users and businesses must remain cautious and work together to identify and prevent potential threats.
- Tether freezes $2.5 million in USDT following a potential breach of the Multichain cross-chain protocol.
- Circle and Tether held over $65 million in resources related to this estimated manipulation.
- The Fantom Foundation has identified three suspicious addresses associated with the Multichain exploit.
- Multichain suspended its own functions after a disconcerting movement of crypto resources worth several dollars.
- The issuers of Circle and Tether stablecoins reacted quickly to protect their users and secure the funds.
