Stablecoin Tether Freezes $2.5 Million of USDT Tied to Likely Exploit of Multichain
Stablecoin issuer Tether has taken action to freeze $2.5 million worth of USDT tokens that were connected to a potential exploit of the cross-chain router protocol Multichain. The exploit targeted Multichain’s Fantom bridge, resulting in the theft of almost $130 million across various bridges. Notably, the stolen assets, which included wBTC, USDC, and USDT, were not immediately sold as is typically seen in such attacks.
Furthermore, the Fantom Foundation revealed that Circle had frozen three addresses holding $60 million worth of USDC on Ethereum. In response to the abnormal behavior, Multichain confirmed that it is aware of the situation and is currently conducting an investigation.
Key Points:
– Tether has frozen $2.5 million of USDT linked to a likely exploit of Multichain.
– The exploit targeted Multichain’s Fantom bridge, resulting in the theft of nearly $130 million across various bridges.
– Stolen assets included wBTC, USDC, and USDT, but were not immediately sold.
– Circle has also frozen three addresses containing $60 million worth of USDC on Ethereum.
– Multichain is currently investigating the abnormal behavior.
Hot Take: Tether Takes Swift Action to Protect Users
Tether’s decision to freeze the stolen USDT tokens demonstrates its commitment to safeguarding the interests of its users. By taking swift action, Tether is working to prevent further losses and maintain the stability and trustworthiness of its stablecoin. The exploit of Multichain’s Fantom bridge and the subsequent freezing of assets by Circle highlight the importance of robust security measures in the cryptocurrency space. As the investigation unfolds, it is crucial for users and industry participants to remain vigilant and prioritize the security of their digital assets.
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