$63 million in USDC frozen by Circle following Multichain breach

USDC issuer Circle blacklisted three wallet addresses that received a significant outflow of funds from the cross-chain bridge platform Multichain in its potential security breach.

Security firm PeckShield noted that about $63 million in USDC, part of the assets involved in the alarming outflow, has been frozen.

The incident saw $126 million worth of crypto assets mysteriously transferred from Multichain’s bridge deployments on Fantom, Moonriver and Dogechain to various third-party wallets.

Following the incident, Multichain tweeted from its official account, “The Multichain service has currently stopped, and all bridge transactions will remain stuck on the source chains. There is no confirmed resumption time. Please refrain from using the Multichain bridging service for now.”