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Circle freezes $63M in USDC after Multichain attack

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TL;DR Breakdown

  • According to reports approximately $63 million worth of USDC, part of the assets involved in the alarming outflow, has been frozen as a result of Circle’s response.
  • Circle has blacklisted three wallet addresses associated with a significant outflow of funds from the cross-chain bridge platform.
  • The incident has caused widespread concern, prompting Multichain to urgently advise its users to refrain from using its services until further notice.

Description

Circle, the issuer of the popular stablecoin USDC, has taken swift action in response to a recent security breach on the Multichain protocol. Following the breach, which resulted in the mysterious transfer of $126 million worth of cryptocurrency assets from Multichain’s bridge deployments on Fantom and Dogechain to third-party wallets, Circle has blacklisted three wallet … Read more

Circle, the issuer of the popular stablecoin USDC, has taken swift action in response to a recent security breach on the Multichain protocol. Following the breach, which resulted in the mysterious transfer of $126 million worth of cryptocurrency assets from Multichain’s bridge deployments on Fantom and Dogechain to third-party wallets, Circle has blacklisted three wallet addresses associated with a significant outflow of funds from the cross-chain bridge platform.

Security firm PeckShield reported that approximately $63 million worth of USDC, part of the assets involved in the alarming outflow, has been frozen as a result of Circle’s response. This decisive move demonstrates Circle’s commitment to protecting the integrity and security of its stablecoin.

The incident has caused widespread concern, prompting Multichain to urgently advise its users to refrain from using its services until further notice. The assets that were transferred away from the bridge primarily consisted of a substantial proportion on Fantom, with a smaller amount on Dogechain. The exact details surrounding the breach and the parties responsible for the unauthorized transfers remain unknown at this time.

Circle response

In response to the incident, Multichain took to Twitter from its official account to inform users about the temporary suspension of its services. They stated, “The Multichain service has currently stopped, and all bridge transactions will remain stuck on the source chains. There is no confirmed resumption time. Please refrain from using the Multichain bridging service for now.” This message aimed to provide transparency to users and advise them against engaging with the platform until the situation is resolved.

The security breach and subsequent freezing of funds highlight the ongoing challenges and vulnerabilities faced by blockchain protocols and platforms. It serves as a reminder of the importance of robust security measures and continuous monitoring to detect and mitigate potential threats. The affected parties, including Circle and Multichain, are likely working diligently to investigate the breach, identify the root cause, and implement necessary improvements to prevent similar incidents in the future.

As the investigation unfolds, the broader cryptocurrency community will be closely watching for updates and any additional measures taken to strengthen security protocols. Such incidents reinforce the need for constant vigilance and proactive security measures to safeguard users’ funds and maintain trust within the crypto ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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