Back
U.S. Court Addresses $63 Million Frozen Multichain USDC Claims

U.S. Court Addresses $63 Million Frozen Multichain USDC Claims

A New York court approved Singapore liquidators’ request to keep hacked wallets frozen, reinforcing international efforts to recover assets from Multichain’s $210M bridge attack.

ETH
USDC

Fact Check
The statement is assessed as highly likely to be true based on overwhelming and consistent evidence from all provided sources. Multiple high-authority legal and financial news outlets, including Law.com, Law360, and Yahoo Finance, corroborate every key detail of the claim. Specifically, they confirm that a U.S. court in New York is overseeing legal proceedings related to the Multichain platform. These proceedings explicitly concern approximately $63 million in frozen USDC, which are identified as stolen funds. The legal actions reported, such as the extension of an asset freeze and a Chapter 15 bankruptcy recognition case, directly constitute a court "addressing claims." The information is consistent across all sources, from the most authoritative legal journals to crypto-specific news outlets, with no contradictions found. The convergence of these independent reports provides a high degree of confidence in the statement's accuracy.
Summary

A New York court granted interim relief sought by Multichain’s Singapore-based liquidators, ordering Circle to maintain a freeze on three Ethereum wallets implicated in the platform’s July 2023 $210 million bridge hack, which included $63 million in stolen USDC. The wallets will remain blocked until further notice as part of coordinated cross-border asset recovery measures. Circle is mandated to prevent transfers from the hacked addresses while the legal process continues.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin used for digital transactions, maintained by Circle to offer price stability.
  • Multichain: A cross-chain protocol that allows assets to be transferred between different blockchain networks.
  • Frozen Assets: Cryptocurrency funds restricted from transfer or use due to legal action or technical issues.