Blockchain
The screenshots of the transactions: pic.twitter.com/QsoVXROpBf
— Bobie(🪬.🪬) (@0xBobie) June 5, 2023
However, the official Multichain social media account has not released any updates.
On May 24, the crypto community was abuzz with rumors that Multichain’s development team had been arrested by Chinese authorities and threatened to interfere with operations. Immediately after this news, a large amount of MULTI was sold through a series of wallets. At the same time, the Fantom Foundation has withdrawn a large amount of liquidity from the pools due to concerns about protocol compromise.
Then, on June 1, Multichain announced that it was still unable to contact the CEO Zhao Jun to obtain the necessary server access and would suspend the respective cross-chain services due to the affected chain’s effect on the user interface.
Multichain, a cross-chain routing protocol, tweeted in the past two days, due to unforeseen circumstances, the Multichain protocol has encountered many problems. The team did everything they could to make it go according to protocol. Still, they are currently unable to contact CEO Zhao Jun and get the necessary server access for maintenance.
To protect the interests of the majority of users, the team has decided to suspend the respective interchain services for the affected chains on the user interface.
Immediately after the news of the resumption of activity, the MULTI token immediately skyrocketed from $3.68 to $5.11, up 35% in the past 24 hours.
24 hour MULTI price chart. Source: CoinMarketCap
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.
