🚨 Circle and Tether Freeze Over $65M in Assets Transferred from Multichain 🚨
Over $65 million in assets, including USD Coin (USDC) and Tether (USDT), have been frozen due to unexplained large outflows from the Multichain MPC bridge. The abnormal transfer of over $125 million worth of cryptocurrencies from multiple wallets on July 6 has impacted various ecosystems, including those of Dogechain, Moonriver, Kava, and Conflux.
Multichain has temporarily suspended its services, and investigations into the incident are ongoing. The transfer of funds to the alleged attacker’s wallets has raised questions since the assets were not further transferred elsewhere, suggesting a non-typical hack. Multichain’s bridges, like many similar systems, are vulnerable targets for crypto hackers.
