According to Cointelegraph, Circle and Tether, both of which are stablecoin issuers, paused the exchange of about $65 million in assets tied to the suspected exploit of Multichain, a cross-chain router protocol. There is believed to be an unexplained large outflow from the Multichain MPC bridge on July 6, 2023.
According to 0xScope, a knowledge graph protocol, three addresses which got about $63.2 million in USD Coin (USDC $1.00) from Multichain are now frozen. With insights from the Fantom Foundation, over $2.5 million in Tether (USDT $1.00) was also frozen from two addresses listed by Etherscan as “Multichain Suspicious Addresses,” Cointelegraph added.
Sources revealed, “Please don’t use the Multichain bridging service now and all bridge transactions will be stuck on the source chains,” Multichain tweeted. Supposedly, it suspended current services without specifying a return date, Cointelegraph highlighted.
Michael Kong, CEO, Fantom protocol, mentioned that the exchange of funds “does not appear to be a normal hack” since the assets sent to the alleged attacker’s wallets were not transferred elsewhere. Furthermore, it is believed investigations are still being made, Cointelegraph concluded.
(With insights from Cointelegraph)