Stablecoin Issuers Circle and Tether Freeze Stablecoins Tied to Multichain Exploit: On-Chain Data

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Blockchain information reveals that stablecoin companies Circle and Tether have frozen cash linked to the latest multi-million-dollar Multichain exploit.

Earlier this week, blockchain safety agency PeckShield discovered that Multichain, a cross-chain crypto platform, noticed its Fantom (FTM) bridge hacked to the tune of $126 million price of digital property.

The crypto property stolen embody Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), in addition to stablecoins Dai (DAI), USD Coin (USDC), and Tether (USDT).

Based on on-chain information aggregator Scope Protocol, USDC issuer Circle has frozen the three pockets addresses linked to the exploit, which mix to carry a staggering $63.2 million price of USD Coin.

“Three Multichain hacker addresses (0x027F / 0xefEe / 0x48Be) have been frozen by Circle. These addresses held a complete of $65 million in property, together with $63.2 million USDC, which are actually frozen.”

Based on the Fantom Basis, USDT issuer Tether can also be giving a duo of addresses related to the hack the identical therapy.

“Tether has frozen these accounts with [over] 2.5 million USDT on Ethereum transferred from Multichain… Thanks Tether and the workforce for a fast response.”

After the hack, PeckShield mentioned that the exploit ranked sixth on its “cross-chain bridge exploit leaderboard” and famous that slightly below $2 billion price of digital property have been stolen from cross-chain bridges over the last three years.

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