Circle, Tether freeze over half of the $126M assets stolen from Multichain breach
Circle and Tether have blacklisted five addresses containing $67.5 million worth of assets stolen from Multichain on July 7th.
USD Coin (USDC) issuer Circle has frozen three accounts holding stolen assets worth $65 million, including USDC, PeckShield tweeted. USDT stablecoin issuer Tether has frozen another two accounts containing 2.53 million USDT, Phantom Foundation announced.
Additionally, Daniele Sestagali of the ICE Crypto Project said the protocol will burn $1.85 million worth of ICE tokens stolen in multi-chain hacks. A Fantom Multichain user will go full and he will receive WAGMI tokens in an airdrop to exchange for burnt ICE tokens, he said. Said.
Due to blacklisting and token burning, abusers may still have access to the remaining stolen assets worth over $56 million.
large scale breach
On July 7th, Multichain discovered a large-scale breach and suspended operations. The protocol reported that an asset locked in an MPC smart contract was transferred “abnormally”.
To move assets from one blockchain to another, users need to lock up their assets in the MPC smart contract of the multi-chain bridge. Once locked, a wrapped version of the asset is created on the blockchain to which the asset is transferred. Multi-chain abusers have targeted and stolen these assets that are locked up for transfer to other chains.
according to An exploit against Web3 Knowledge Graph Protocol 0xScope impacted Fantom, Dogechain, Moonriver, and Conflux blockchains.
The Multichain team said the details of the incident were “unknown” and that it was “currently investigating” the incident. PechShield estimates the value of the stolen assets in this exploit at approximately $126 million.
At the time of this writing, multichain operations have been suspended for over 30 hours due to “.No confirmed reopening time”
Circle, Tether Freezes Over Half of $126 Million in Assets Stolen in Multi-Chain Breach, first appeared on CryptoSlate.
