Tether Freeze Process Left Escape Gap, Investigator Reveals Fund Leakage
TL;DR:
- An analysis of 2,955 events on Ethereum and TRON found an average delay of 2 hours, 16 minutes, and 15 seconds between the lock proposal and its formal execution.
- A total of 60 addresses completely emptied 20.4 million USDT in transfers initiated approximately 14 minutes after the request was submitted.
- An additional 113 wallets completed partial transfers totaling approximately 35.5 million USDT before the action was finalized on the blockchain.
On Thursday, investigator Darcy, co-founder of the firm FlashRescue, exposed operational flaws in Tether’s freezing protocol, noting that flagged funds were successfully transferred while the company was executing the lock order on the network.
The origin of this technical lag is attributed to the operation of the multi-signature scheme responsible for authorizing each administrative transaction. According to data presented in the FlashRescue investigation, the average time elapsed between issuing a lock proposal and its confirmation on the Ethereum and TRON networks reaches 2 hours, 16 minutes, and 15 seconds.
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