Multichain Incident: Underway to Mitigate Impact and Support Affected Users

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Crypto News > Multichain Incident: Underway to Mitigate Impact and Support Affected Users

In a recent turn of events, the Multichain community has been hit by an unfortunate incident, leaving many users and stakeholders disappointed. The impact of this incident has prompted swift action from various parties involved, including stablecoin issuers Circle (USDC), Tether (USDT), and TrueUSD (TUSD). In an effort to mitigate further damage, these issuers have taken immediate steps to freeze assets held in Multichain wallets, preventing potential losses for affected individuals.

As the news broke, the affected stablecoin issuers wasted no time in mobilizing their resources to address the situation. So far, it has been confirmed that over $60 million USDC and more than $2 million USDT have been successfully frozen, safeguarding a substantial portion of the affected assets.

Despite the initial measures taken, the focus remains on identifying any additional assets that may have been impacted. This ongoing effort aims to provide a comprehensive overview of the situation and ensure that all affected parties receive appropriate support.

To gain deeper insights into the circumstances surrounding the Multichain incident, industry contacts and reliable sources are being actively engaged. This collaborative approach seeks to shed light on the causes, extent, and potential consequences of the incident. Notably, a dedicated group comprising both external contacts and active Multichain employees has been established to facilitate open communication and gather crucial information.

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