In a bold move to protect their users, stablecoin issuers Tether and Circle have seized control of over $65 million worth of assets associated with the infamous Multichain exploit. This exploit, which sent shockwaves through the cryptocurrency community, prompted immediate action from these prominent players in the space.
Following the trail of the malicious hacker, the Fantom Foundation, the force behind the innovative Fantom network, revealed that three blacklisted addresses were flagged by USDC issuer Circle. This proactive measure prevented any further potential damage, as the freeze effectively halted any unauthorized access to these funds.
Adding to the defensive front, the Fantom Foundation disclosed that Tether, the issuer of the widely used USDT stablecoin, had taken decisive action by freezing a substantial $2.5 million worth of funds that had been transferred from Multichain. This resolute response by Tether underscores its commitment to protecting the integrity of its stablecoin and the trust of its user base.
Update: Tether has frozen these accounts with >2.5m USDT on Ethereum transferred from Multichain:https://t.co/bFYACtQ7t6https://t.co/zlRybitcJC
Thank you @Tether_to and the team for your quick response.
— Fantom Foundation (@FantomFDN) July 8, 2023
These actions by Tether and Circle demonstrate the industry’s resilience in the face of cyber threats. By swiftly freezing the illicitly obtained assets, they have sent a powerful message to malicious actors that their actions will not go unnoticed or unpunished.
As the blockchain ecosystem continues to evolve, security measures and proactive steps such as these will be crucial in safeguarding the trust and stability of the crypto space.
