Tether freezes $2.5 million of USDT transferred from Multichain

Crypto Ecosystems • July 8, 2023, 6:50AM EDT

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.

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

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