In response to a recent security breach on the Multichain protocol, Circle, the issuer of the popular USDC stablecoin, has taken immediate action.
Circle Freezes 63 Million USDC Amid Multichain Cyberattack
The company has blacklisted three wallet addresses and frozen approximately $63 million in USDC assets, demonstrating its commitment to maintaining the integrity and security of its stablecoins.
Multichain Bridge Announces Outage
Following the breach, Multichain Bridge announced a service outage without specifying the cause of the issue. Prior to the announcement, $126 million worth of crypto assets were mysteriously transferred from Multichain’s bridge implementations on Fantom and Dogechain to third-party wallets.
Circle Blacklists Wallet Addresses
Security firm PeckShield reported that Circle has blacklisted three wallet addresses associated with the Multichain hack. These addresses were linked to significant outflows from cross-chain bridge platforms, prompting Circle’s swift response.
Multichain Suspends Services
In response to the incident, Multichain took to Twitter from its official account to notify users of the temporary suspension of its services. This notice is intended to provide transparency to users and advise them to only interact with the platform once the situation is resolved.
About Multichain
Multichain is a protocol that enables the transfer of crypto assets across multiple blockchains. It provides a bridge for seamless transactions, enhancing interoperability in the crypto ecosystem. However, it recently suffered a security breach, leading to the transfer of $126 million worth of crypto assets to third-party wallets.
Leave a comment