Tether Blacklists Ethereum Address Linked to Multichain Hack

The address, containing more than $715,000 of USDT stablecoins, traces back to hackers who stole $3 million from Multichain users.

AccessTimeIconFeb 11, 2022 at 6:16 p.m. UTC
Updated May 11, 2023 at 4:58 p.m. UTC
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  • Stablecoin issuer Tether has frozen an Ethereum address holding over $715,000 worth of USDT, according to data from block explorer site Etherscan.
  • The address traces back to hackers who stole $3 million in cryptocurrency on the cross-chain bridge Multichain nearly a month ago, according to Etherscan's labeling of transactions involving the wallet as well as a CoinDesk analysis.
  • Whoever controls the address will not be able to move funds so long as they are frozen.
  • The hack on Multichain was made possible by a security vulnerability, which the team behind the project warned users about in January.
  • Tether did not immediately respond to a request for comment
  • Three addresses with over $160 million in USDT were frozen in mid-January at the request of law enforcement.
  • Tether, which issues tokens on several blockchains, began blacklisting addresses following a 2017 breach in which the firm said $30 million of USDT was stolen.

UPDATE (Feb. 11, 18:56 UTC): Adds link to first bullet point and attribution to second.


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Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.

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