Circle, Tether freezes over $65M in assets transferred from Multichain
Multichain has suspended its operations after an unexplained transfer of crypto assets worth millions of dollars took place on July 6.
Auto Added by WPeMatico
Multichain has suspended its operations after an unexplained transfer of crypto assets worth millions of dollars took place on July 6.
Approximately $215 million of stolen assets have since been recovered.
While fiat channels remain the dominant tool for criminal financing, Bitcoin appears to have fallen out of favor for criminals as far as cryptocurrencies go.
More than $208.5 million was lost initially, but approximately $4.5 million was recovered, making the total amount of unrecovered funds over $204 million.
The permissionless, collateralized fixed-rate borrowing and lending market restored operations in May and will now switch out user tokens worth $1.5 million.
The top 100 DeFi tokens had another bearish week, with the majority of tokens trading in the red.
According to Elliptic, a blockchain analysis company, an estimated 5,500 crypto wallets have been affected by the attack.
The lending platform responded by pausing all markets and assuring its community that no additional funds were at risk.
In the aftermath of the attack, Atomic Wallet — along with individual blockchain investigators — have amped up efforts to track and revert stolen funds.
Security teams are investigating the cause of the attack. Reports have surfaced of tokens being lost, transaction data being erased, and even entire crypto portfolios destroyed.