Tether, the company behind the USDT stablecoin, has announced that it has frozen several accounts linked to the theft of more than $2.5 million USDT in the Multichain hack.
Multichain recently reported that it was under a hack attack and $126 million worth of tokens were stolen from its smart contracts.
The Fantom Foundation, which operates a blockchain platform that supports DeFi applications, was one of the projects affected by the attack.
However, Multichain has suspended its service and advised users not to use its bridge until further notice. The project did not provide any updates on the hack's status or recovery efforts.
Multichain Founder Still Missing
The team behind the Multichain project announced that it could not be contacted at the end of May, after rumors circulated on Twitter that its CEO and co-founder, Zhaojun, had been arrested in China.
Zhaojun, who co-founded the company with DJ Qian, held the access codes needed to fix technical issues with the protocol.
The most affected by the attack were the tokens that migrated from the Phantom blockchain to the Ethereum or Binance Smart Chain. According to DeFi Llama, Multichain currently has $1.26 billion worth of cryptocurrencies locked in its system. All bridge operations are currently stuck in source chains as the company has ceased operations.
*Not investment advice.
