Stablecoin issuers Circle and Tether have frozen over $65 million in assets tied to the suspected exploit of cross-chain router protocol Multichain. The move follows unexplained large outflows from the Multichain MPC bridge on July 6.
Over $125 million worth in cryptocurrencies were withdrawn from multiple wallets of Multichain on July 6, affecting Multichain’s Fantom bridge, as well Dogechain, Moonriver, Kava and Conflux's ecosystems. The cause of the abnormal transfer of assets remains unclear.
Fantom protocol CEO Michael Kong reportedly said that the transfer of funds "does not appear to be a normal hack", since the assets sent to the alleged attacker's wallets were not transferred elsewhere. Investigations are still ongoing.
Related: Researcher: Multichain May Have Lost Complete Control Due to Force Majeure, Not Simple Hacking