After the hack, Multichain was down for more than 30 hours, with $67.5 million in stolen assets frozen and $1.85 million in tokens burned.
Circle and Tether have blacklisted five addresses stolen from Multichain on July 7, containing assets worth $67.5 million.
PeckShield tweeted that U.S. dollar coin (USDC) issuer Circle had frozen three accounts holding $65 million worth of stolen assets, including $63 million in USDC. The Fantom Foundation announced that Tether, which issues USDT stablecoins, has frozen two other accounts containing 2.53 million USDT.
Additionally, Daniele Sestagalli of the ICE crypto project said the protocol will burn $1.85 million in ICE tokens stolen in the multi-chain hack. He stated that Fantom Multichain users will get full and receive WAGMI tokens via airdrop to replace burned ICE tokens.
By blacklisting and burning the tokens, it is still possible for the attackers to obtain more than $56 million worth of remaining stolen assets.
Massive Violation
On July 7, Multichain ceased operations following the discovery of a massive breach. The protocol reported that assets locked on its MPC smart contract had been transferred “anomalously.”
To transfer assets from one blockchain to another, users must lock assets on the MPC smart contract of the multi-chain bridge. Once locked, a wrapped version of the asset is minted on the blockchain the asset was transferred to. The developers of Multichain targeted and stole these locked and transferred assets to other chains.
According to the Web3 knowledge graph protocol 0xScope, the vulnerability affected the Fantom, Dogechain, Moonriver, and Conflux blockchains.
The Multichain team said it was “unsure” of the details of the incident and was “currently investigating” the incident. PechShield estimates the value of assets stolen in the breach at approximately $126 million.
As of this writing, multi-chain operations have been down for more than 30 hours, and “a recovery time has not yet been determined.”
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