Circle and Tether Freeze Assets Withdrawn From Multichain Worth $65 Million

Circle has frozen 63.2 million USDC across three addresses, withdrawn from the cross-chain protocol Multichain. The information was reported by the 0xScope team.

The issuer of the stablecoin USDT, Tether, froze more than 2.5 million USDT across two addresses on the Ethereum network, according to the Fantom Foundation.

On July 6, Multichain suspended operations amid a suspected exploit. According to PeckShield, tokens were withdrawn from the protocol for about $126 million.

In May, Multichain experienced technical issues during a network upgrade. The team faced difficulties in addressing them due to loss of contact with the project’s CEO Zhao Jun.

Binance, the cryptocurrency exchange, suspended support for Multichain-related tokens due to the May incident.