Circle’s Multichain Move: Freezing $65 Million, Blacklisting 3 Addresses!

• Circle, the issuer of USD Coin (USDC), has blacklisted three addresses connected to Multichain due to potential security breaches.
• Circle has frozen 63 million USDC in these three addresses, along with 2 million dollars worth of Dai (DAI), Tether (USDT), and Wrapped Bitcoin (WBTC).
• The decision came after approximately 130 million dollars of suspicious transfers on Multichain bridges on July 7.

Circle Blacklists Three Addresses Connected to Multichain

Circle, the issuer of USD Coin (USDC), has taken action against potential security breaches by blacklisting three addresses connected to Multichain. According to data provided by on-chain security firm PeckShield, Circle has frozen 63 million USDC in these addresses. Additionally, the addresses also hold a total of 2 million dollars worth of Dai (DAI), Tether (USDT), and Wrapped Bitcoin (WBTC). This decision comes in the wake of approximately 130 million dollars of suspicious transfers on Multichain bridges on July 7.

Suspicious Transfers Prompt Circle’s Response

The blacklisting of the three addresses by Circle follows the occurrence of suspicious transfers on Multichain bridges. These transfers, amounting to around 130 million dollars, raised concerns within the community and were seen as a potential hacking incident. In response, Circle has taken the precautionary measure of freezing the assets held in the addresses, including 63 million USDC, as well as other cryptocurrencies.

Multichain CEO’s Mysterious Disappearance

Adding to the intrigue surrounding this situation is the fact that the CEO of Multichain, Zhaojun, has been missing for over a month and is believed to have been detained by Chinese authorities. The absence of communication from Zhaojun further deepens the mystery surrounding the suspicious transfers and raises questions about the overall security of the Multichain platform.

As the investigation into these security breaches continues, Circle’s actions serve as a reminder of the importance of vigilance and proactive measures in safeguarding digital assets within the cryptocurrency ecosystem.