We’ve got some fresh news for you. The stablecoin issuer Tether has frozen about $2.5 million in USDT. Now, why would they do that, you ask? Well, it’s all tied to the recent Fantom Foundation breach.
Let’s backtrack a bit. Multichain, a cross-chain router protocol, was seemingly exploited for nearly $130 million. This attack siphoned assets from several bridges, including almost all of the project’s wBTC, USDC, and USDT. It’s like a digital heist, and Multichain was the unfortunate victim.
Now, here’s where it gets interesting. Not all tokens in the bridge were taken, and the assets weren’t sold, which typically happens during an attack. It’s like the thief left some change on the table.
Following the attack, the Fantom Foundation announced that Circle had frozen three addresses containing $60 million worth of USDC on Ethereum. And now, Tether has followed suit, freezing $2.5 million of USDT tied to the exploit.
Multichain has acknowledged the abnormal behavior and is currently investigating the situation. It’s like a digital detective story; we’re all waiting for the next chapter.
So, what’s the takeaway here? The crypto world can be a wild place, and security is paramount. This recent exploit and the subsequent freezing of assets is a stark reminder of the risks involved. So, stay safe out there, folks!
