Blockchain data has exposed that stablecoin companies Circle and Tether are in possession of frozen funds linked to a recent multi-million dollar Multichain exploit. Here’s the latest update on the cryptocurrency market!
<h2 style="text-align: justify" id="the-ftm-hack">The FTM Hack!</h2>
Earlier this week, Blockchain security company PeckShield detected that an interchain cryptocurrency platform known as Multichain’s Fantom (FTM) bridge had been exploited, resulting in a loss of $126 million worth of digital assets. The stolen cryptocurrencies included <a href="https://en.coin-turk.com/get-ready-for-a-surprise-rally-this-altcoin-will-surprise-you-with-its-rise/" rel="noopener noreferrer nofollow">Chainlink</a> (LINK), Wrapped <a href="https://en.coin-turk.com/robert-kiyosakis-economic-predictions-unfolding-the-future-of-bitcoin-gold-silver-and-the-us-debt-ceiling/" rel="noopener noreferrer nofollow">Bitcoin</a> (wBTC), Wrapped Ethereum (w<a href="https://en.coin-turk.com/bitcoin-surges-past-27000-triggering-ethereum-rally-critical-levels-to-watch/" rel="noopener noreferrer nofollow">ETH</a>), and stablecoins Dai (DAI), USD Coin (USDC), and Tether (USDT).
According to the on-chain data aggregator Scope Protocol, USDC regulator Circle, froze three wallet addresses linked to the exploit. Surprisingly, these addresses collectively held $63.2 million in USD Coin. The company stated the following:
<blockquote>
 Three Multichain hacker addresses (0x027F / 0xefEe / 0x48Be) have been frozen by Circle. These addresses were holding assets totaling $65 million, including 63.2 million USDC which is currently frozen.
</blockquote>
According to the Fantom Foundation, USDT regulator Tether also froze a pair of addresses linked to the hack. The company made the following statement:
<blockquote>
 Tether froze accounts with over 2.5 million USDT transferred from Multichain on Ethereum… We thank Tether and their team for their swift response.
</blockquote>
<img src="https://coin-turk.com/wp-content/uploads/2023/07/bitcoinn.jpg" alt="" width="1095" height="537">
<h2 style="text-align: justify" id="the-current-state-of-cryptocurrencies">The Current State of Cryptocurrencies!</h2>
Following the attack, PeckShield, stated that the exploit ranked sixth on the “interchain bridge exploit leader board,” and reported that just under $2 billion worth of cryptocurrency had been stolen from interchain bridges over the past three years. Although the outlook seems positive in the long term, short-term macroeconomic indicators hold the key. The US cryptocurrency market could potentially be influenced by the second-quarter earnings and inflation data to be announced on July 12th.
As of the writing of this article, the leading cryptocurrency, Bitcoin (BTC), is trading at a level of $30,524.
The post <a rel="noopener noreferrer nofollow" href="https://en.coin-turk.com/major-cryptocurrency-firms-freeze-assets-linked-to-multi-million-dollar-blockchain-exploit/">Major Cryptocurrency Firms Freeze Assets Linked to Multi-Million Dollar Blockchain Exploit</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coin-turk.com">COINTURK NEWS</a>.

Major Cryptocurrency Firms Freeze Assets Linked to Multi-Million Dollar Blockchain Exploit

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