Wallex Wallet Frozen by Circle and Tether, Leaving $2.49 Million Stranded

Blockchain investigator ZachXBT said the affected address moved assets from Tron and Ethereum to BNB Chain through several cross-chain bridges shortly before the freeze on March 25.

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Summary

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Terms & Concepts
  • Cross-chain bridge: A protocol that transfers crypto assets between different blockchains, allowing funds to move across separate networks.
  • Hot wallet: A cryptocurrency wallet connected to the internet, typically used for active transactions but generally more exposed to security risks.
  • BNB Chain: A blockchain network used for digital asset transfers and decentralized applications, commonly associated with the BNB ecosystem.