Circle, the issuing company of the USDC stablecoin, has frozen $63 million worth of tokens linked to a recent hack on its cross-chain bridging service Multichain.
The company has blacklisted three wallet addresses that received large amounts of USDC from Multichain at the time of the security breach.
Multichain, which allows users to transfer tokens between different blockchains, was hacked for the second time in two months on Thursday, losing $126 million in various cryptocurrencies to attackers.
So ~$63M USDC (outflow funds from @MultichainOrg) are now frozen https://t.co/Bu7OY2E6VI
— PeckShield Inc. (@peckshield) July 7, 2023
Hackers exploited a vulnerability in the smart contract that handles bridge transactions.
Following the attack, Multichain announced that it was suspending its services and advised users not to use its bridge until further notice. The company said it is working to recover lost funds and restore normal functioning of the bridge.
126 million worth of crypto assets were mysteriously transferred from Multichain's bridge deployments on Fantom, Moonriver, and Dogechain to various third-party wallets.
*Not investment advice.
