Circle freezes $63m in USDC in response to Multichain breach
Following the detection of a substantial token movement from Multichain’s bridging networks to an undisclosed address, the platform has temporarily suspended its services. On-chain investigators had previously speculated about a potential multimillion-dollar exploit as they observed cryptocurrency being withdrawn from Multichain‘s multi-party computation network. The reason remains unknown On Thursday, Multichain took to Twitter to announce that they are conducting an investigation into the incident and expressed uncertainty about the cause. They advised all users to cease utilizing Multichain services and revoke any contract approvals associated with the platform. Formerly known as Anyswap, Multichain enables users to transfer their cryptocurrency assets across different blockchain networks. The team further stated that all bridge transactions will remain suspended on their respective chains, without providing a specific timeline for the resumption of services. The ...