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Multichain, a cross-chain protocol, loses funds; Circle and Tether assist in freezing USDC/USDT.

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Multichain, a cross-chain protocol, loses funds; Circle and Tether assist in freezing USDC/USDT.

The well-known cross-chain protocol Multichain was reported to have been hacked on 7/7. There are also claims that it was seized by Chinese regulators. Approximately $126 million worth of assets were abnormally transferred, and the official team is currently investigating the cause of the incident. They advise users to refrain from using their services and to revoke any related contract authorizations.

Review of recent Multichain asset loss incidents

Circle Assists in Freezing USDC

Multichain, formerly Anyswap, was an early infrastructure for the Fantom public chain, providing cross-chain asset capabilities. The Fantom Foundation announced that Circle, the issuer of USDC, has frozen over $60 million worth of Ethereum-based USDC.

Tether Assists in Freezing USDT

According to Whale Alert monitoring, Tether, the issuer of USDT, has assisted in freezing USDT related to the Multichain hacker from this address, totaling approximately $2.5 million.

Multichain Asset Loss Controversy

To date, Multichain has not provided an explanation for the asset loss, and there are rumors suggesting it may have been due to an event beyond their control, possibly related to being seized by Chinese regulators.