Following a serious security breach on Multichain, resulting in the theft of $126 million in assets, stablecoin companies Circle and Tether took action by freezing various addresses housing the stolen funds.
Circle and Tether freeze stolen funds
PeckShield, a blockchain security company, recently revealed an attack targeting the bridge Multichain. This attack resulted in the theft of several assets, such as Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), as well as the stablecoins Dai (DAI), USD Coin (USDC) and Tether (USDT).
Indeed, to transfer assets from one blockchain to another, users must lock them into Multichain’s MPC smart contract. A wrapped version of these assets is then created on the destination blockchain. The hackers who exploited Multichain specifically targeted and stole these assets waiting to be transferred to other chains.
Faced with this threat, Circle ( the issuer of USDC), has decided to freeze three portfolio addresses linked to the theft, representing $65 million in assets.
In a similar way, Tether the issuer of USDT, has frozen two addresses containing over 2.5 million USDT.
This is not the first time such an attack has occurred. Indeed, this recent security breach on the Multichain is ranked sixth in the crosschain bridge achievements ranking compiled by PeckShield.
This sad event underlines once again how crucial it is for cryptocurrency companies to strengthen their security measures, and that in crypto, it is crucial to educate oneself to limit risks.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.
