Tether freezes $2.5 million of USDT transferred from Multichain

Quick Take

  • Tether has frozen accounts with about $2.5 million in USDT tied to the Fanton Foundation breach.

Stablecoin issuer Tether has frozen $2.5 million of USDT tied to a likely exploit of cross-chain router protocol Multichain. 

Multichain's Fantom bridge was seemingly exploited for nearly $130 million after an attack that siphoned assets from a number of bridges. That amounted to nearly the entirety of the project's wBTC, USDC, and USDT. Strangely, not all tokens in the bridge were taken and the assets weren't sold (which typically happens during an attack).

On Friday, the Fantom Foundation said that Circle had frozen three addresses containing $60 million worth of USDC on Ethereum. 


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Multichain said it was aware of the abnormal behavior and that it is investigating. 

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].


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