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News

63 Million USDC Related To Multichain Attack Has Been Frozen

July 8, 2023 - Around 2 mins mins to read

Key Points:

  • Circle has blacklisted three wallet addresses and frozen about 63 million USDC related to the Multichain attack.
  • The Multichain Bridge has announced an outage and has not given a cause for yesterday’s problem.
  • Prior to that, $126 million worth of crypto assets were transferred from multiple cross-chain bridges to third-party wallets.
Security firm PeckShield tweeted that Circle has blacklisted three wallet addresses and about $63 million in USDC assets have been frozen, which were involved in the Multichain hack.
63 Million USDC Related to Multichain Attack Has Been Frozen

Circle, the issuer of the popular USDC stablecoin, acted quickly in response to the recent security breach on the Multichain protocol. This decisive move demonstrates Circle’s commitment to protecting the integrity and security of its stablecoins.

Following yesterday’s breach, which led to the mysterious transfer of $126 million worth of crypto assets from Multichain’s bridge implementations on Fantom and Dogechain to third-party wallets, Circle has listed Blacklisting three wallet addresses is associated with significant outflows from cross-chain bridge platforms.

63 Million USDC Related to Multichain Attack Has Been Frozen

In response to the incident, Multichain took to Twitter from its official account to notify users of the temporary suspension of its services. This notice is intended to provide transparency to users and advise them to only interact with the platform once the situation is resolved.

“The Multichain service is now down, and all bridge transactions will remain stuck on the source chain. No confirmed resumption time. Please do not use the Multichain bridging service at this time.”

They stated.

Affected parties, including Circle and Multichain, are likely working hard to investigate the breach, determine the root cause, and make the necessary improvements to prevent similar incidents in the future. More than 24 hours have passed, but information about the cause of the hack has not been revealed.

This multi-chain bridge service has recently caused a lot of frustration for users due to incidents and negative information about the project leader. At the end of May, the bridge also stopped working for the reason that there was no access when it lost contact with CEO Zhao Jun. Meanwhile, the project’s development team and CEO are rumored to have been arrested by Chinese police before.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

63 Million USDC Related To Multichain Attack Has Been Frozen

Key Points:

  • Circle has blacklisted three wallet addresses and frozen about 63 million USDC related to the Multichain attack.
  • The Multichain Bridge has announced an outage and has not given a cause for yesterday’s problem.
  • Prior to that, $126 million worth of crypto assets were transferred from multiple cross-chain bridges to third-party wallets.
Security firm PeckShield tweeted that Circle has blacklisted three wallet addresses and about $63 million in USDC assets have been frozen, which were involved in the Multichain hack.
63 Million USDC Related to Multichain Attack Has Been Frozen

Circle, the issuer of the popular USDC stablecoin, acted quickly in response to the recent security breach on the Multichain protocol. This decisive move demonstrates Circle’s commitment to protecting the integrity and security of its stablecoins.

Following yesterday’s breach, which led to the mysterious transfer of $126 million worth of crypto assets from Multichain’s bridge implementations on Fantom and Dogechain to third-party wallets, Circle has listed Blacklisting three wallet addresses is associated with significant outflows from cross-chain bridge platforms.

63 Million USDC Related to Multichain Attack Has Been Frozen

In response to the incident, Multichain took to Twitter from its official account to notify users of the temporary suspension of its services. This notice is intended to provide transparency to users and advise them to only interact with the platform once the situation is resolved.

“The Multichain service is now down, and all bridge transactions will remain stuck on the source chain. No confirmed resumption time. Please do not use the Multichain bridging service at this time.”

They stated.

Affected parties, including Circle and Multichain, are likely working hard to investigate the breach, determine the root cause, and make the necessary improvements to prevent similar incidents in the future. More than 24 hours have passed, but information about the cause of the hack has not been revealed.

This multi-chain bridge service has recently caused a lot of frustration for users due to incidents and negative information about the project leader. At the end of May, the bridge also stopped working for the reason that there was no access when it lost contact with CEO Zhao Jun. Meanwhile, the project’s development team and CEO are rumored to have been arrested by Chinese police before.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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