Circle, the official issuer of USDC, the second largest stablecoin by circulating supply, has frozen $63 million from the Multichain hack. Compiled Etherscan data on July 7 shows that the stablecoin issuer froze $27.65 million, $30.1 million, and $5.5 million in three transactions, hampering the hacker’s cash-out efforts.
Multichain Hacked, Circle Intervenes
Multichain, a cross-chain protocol router, was hacked on July 7, resulting in the loss of over $126 million worth of various tokens. The exploit came after the attacker illegally accessed Multichain’s Multi-Party Computation (MPC) address, which stores funds locked between blockchains.
Subsequently, the hacker withdrew funds from the address and moved them to an externally controlled wallet. The Fantom Bridge was adversely affected by this outflow as the hacker withdrew various tokens, including wBTC, USDC, and USDT. There were a handful of other altcoins that the hacker stole.
Funds were also stripped from the Moonriver Brid
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