2023-05-25 10:52:51
The completion of the Multichain blockchain backend upgrade has been delayed, which has caused several user transactions to get blocked. At the same time, it is speculated that the team behind Multilink has also been arrested in China, but that has not yet been confirmed. So far, a large number of users have reported that their funds are locked on the Multichain for a period of up to 72 hours. However, Multichain initially clarified that the update from the backend node is taking longer than expected.
Similarly, the company mentioned how most of its routes are running as usual, while some routes like Kava, zkSync and Polygon zkEVM have been temporarily suspended. However, all affected transactions will arrive as soon as the update is complete. As a result of the mishap, Lookonchain, a blockchain analytics firm, reported at least $3 million of MULTI outflows linked to smart money accounts.
While most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically.…
— Multichain (Previously Anyswap) (@MultichainOrg) May 24, 2023
According to the recent update on May 24, only one router was being updated.. One administrator mentioned that six routers instead of one are working fine now, while another mentioned that the team was working diligently on the final router and that operations would return to normal as soon as it was complete.
With the transaction delays, accompanied by rumors that the Multichain team has been arrested, the trading price of MULTI has suffered considerably. At the time of writing this, MULTI has fallen an impressive 27.33% in the last 24 hours, bringing the trading price to $5.11, while the token’s market cap currently sits at $74 million..
THE MULTICHAIN TEAM IS ARRESTED
Despite transaction delays and increased departures, one rumor highlights that Multichain project team has been busted with over $1 billion in contract funds. However, Multichain has not shared anything to confirm such an event, but would likely do so as the story continues to unfold.
Similarly, Lookonchain also suggests that holders have been rapidly selling their MULTI tokens. One address deposited almost 494,200 MULTI tokens at Gate.io on May 24. At the same time, Hashkey also transferred $247,000 worth of MULTI tokens to the same exchange soon following.
An address by the name ENS hwg.eth was responsible for selling more than 36,000 MULTI tokens. Besides, the Fantom Foundation also withdrew more than 450,000 MULTI tokens from its liquidity pool on SushiSwap. This massive sale will affect the price of the token and the project in the long term.
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