Stablecoin Issuers Circle and Tether Freeze Stablecoins Tied to Multichain Exploit: On-Chain Data

Blockchain data reveals that stablecoin firms Circle and Tether have frozen coins linked to the recent multi-million-dollar Multichain exploit.

Earlier this week, blockchain security firm PeckShield found that Multichain, a cross-chain crypto platform, saw its Fantom (FTM) bridge hacked to the tune of $126 million worth of digital assets.

The crypto assets stolen include Chainlink (LINK), Wrapped Bitcoin (wBTC), Wrapped Ethereum (wETH), as well as stablecoins Dai (DAI), USD Coin (USDC), and Tether (USDT).

According to on-chain data aggregator Scope Protocol, USDC issuer Circle has frozen the three wallet addresses linked to the exploit, which combine to hold a staggering $63.2 million worth of USD Coin.

“Three Multichain hacker addresses (0x027F / 0xefEe / 0x48Be) have been frozen by Circle. These addresses held a total of $65 million in assets, including $63.2 million USDC, which are now frozen.”

According to the Fantom Foundation, USDT issuer Tether is also giving a duo of addresses associated with the hack the same treatment.

“Tether has frozen these accounts with [over] 2.5 million USDT on Ethereum transferred from Multichain… Thank you Tether and the team for a quick response.”

After the hack, PeckShield said that the exploit ranked sixth on its “cross-chain bridge exploit leaderboard” and noted that just under $2 billion worth of digital assets have been stolen from cross-chain bridges during the last three years.

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