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 Feb 11, 2022 at 9:07 p.m. UTC

Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

  • 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.



Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

CoinDesk - Unknown

Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University's business and economic reporting program.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC