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.

Feb 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 US economics, stablecoins, and Wall Street. 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
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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 US economics, stablecoins, and Wall Street. 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 US economics, stablecoins, and Wall Street. She is a recent graduate of New York University's business and economic reporting program.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown