On May 24, 2023, Multichain (MULTI), a cross-chain router protocol, witnessed a 30% fall in its token within a day’s time. It’s believed that the token was trading at $4.97, as stated by Cointelegraph.
According to Cointelegraph, the development happened post users informed about delay of their multichain funds arrival over a backend node upgrade. “Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologise for the inconvenience caused,” a Multichain Discord channel admin stated.
Based on Cointelegraph’s information, an associated wallet address of Fantom Foundation, a layer-1 blockchain developer, cleared 449,740 MULTI from liquidity on SushiSwap, a decentralised exchange. “It’s rumoured that the multichain team has been arrested by the Chinese police, with 1.5 billion dollars of contract funds under control,” a user mentioned.
Moreover, Cointelegraph noted that Multichain protocol overtook $1.59 billion worth total value locked (TVL), and clocked $10.5 billion worth TVL in 2022.
(With insights from Cointelegraph)
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