USDT the company behind stablecoin Tether, Multichain announced that he had frozen several accounts linked to the theft of more than $2.5 million USDT in his hack.
Multichain recently reported that it was under a hack attack and $126 million worth of tokens were stolen from its smart contracts.
Operates a blockchain platform that supports DeFi applications The Phantom Foundation, It was one of the projects affected by the attack.
However, Multichain has suspended its service and advised users not to use its bridge until further notice. The project did not provide any updates on the hack’s status or recovery efforts.
Multichain Founder Still Missing
The team behind the Multichain project announced that it could not be contacted at the end of May, after rumors circulated on Twitter that its CEO and co-founder, Zhaojun, had been arrested in China.
Zhaojun, who co-founded the company with DJ Qian, held the access codes needed to fix technical issues with the protocol.
The most affected by the attack were the tokens that migrated from the Phantom blockchain to the Ethereum or Binance Smart Chain. Multichain is currently worth $1.26 billion locked in its system, according to DeFi Llama cryptocurrency exists. All bridge operations are currently stuck in source chains as the company has ceased operations.
*Not investment advice.
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