Stablecoin companies Tether and Circle are after accounts related to Multichain that were victims of the $126 million hack this week. Multiple accounts holding over $65 million in altcoins have been blacklisted so far.
Tether froze several accounts after Multichain incident
cryptocoin.com As we reported, Multichain was the victim of a $126 million hack this week. Phantom (FTM) was one of the networks affected by the hacking attempt. In a hot news, Tether reported that it has frozen nearly $2.5 million worth of assets obtained in the Multichain hack attack. The stolen fund in question was split into multiple wallets.
According to Whale Alert’s report, Tether has so far frozen two USDT addresses involved in the Multichain incident. These addresses held approximately 2,535 million USDT in total.
Regarding wallets, @Rokirtech on Twitter said, “Yes, these are addresses that dump, hack or sell in bulk. “I suspect we will see this more and more these days due to the market manipulation that took place this year,” he wrote.
Circle freezes $63M USDC
Circle, the company behind USDC, reported that it has blacklisted three wallet addresses that have received significant outflows of funds from the Multichain platform due to a potential security breach. According to PeckShield, the blacklisted wallets were holding approximately $63 million worth of USDC.
Multichain hack autopsy report: What you need to know
Multichain has recently stopped its services indefinitely after noticing an unusual move that moved large numbers of cryptocurrencies from bridge networks to an unidentified address. On-chain detectives had previously raised the possibility of a multi-million dollar exploit after realizing that funds had been withdrawn from Multichain’s multi-party computing network.
Multichain posted on Twitter late Thursday, “The team isn’t sure what happened and is currently investigating. We recommend that all users suspend the use of Multichain services. You should revoke all contract confirmations related to Multichain,” he wrote.
Multichain, formerly Anyswap, aims to allow users to bridge their cryptocurrencies between various Blockchain networks. The team said that all bridge operations will stop in their own resource networks. However, an exact timeline for when the services will return has not been announced.
Meanwhile, PeckShield warned Multichain about sloppy activities on the Phantom (FTM) bridge and showed around $102 million in token output. The hacking attempt also affected cryptocurrencies such as WBTC, USDC, DAI, ETH, and LINK.
In the hack attack, 126 million dollars of altcoins were moved to different wallets
Coins moved from the Phantom bridge on July 6:
- 7,214 Wrapped Ether (WETH) (worth $13.6M)
- 1,024 Wrapped Bitcoins (WBTC) (worth $31M)
- US Dollar Coin (USDC) worth $58 million
- In total, approximately $102 million worth of cryptocurrencies were withdrawn.
On top of all this, the CEO of Multichain has been mysteriously missing for over a month. In recent developments, companies such as Circle and Tether have blacklisted moves.
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