Blockchain
The transactions screenshots: pic.twitter.com/QsoVXROpBf
— Bobie(🪬.🪬) (@0xBobie) June 5, 2023
However, the official Multichain social media account did not release any updates.
On May 24, the crypto community was buzzing with rumors that the development team of Multichain had been arrested by Chinese authorities and threatened to affect operations. Immediately after this news, a series of wallets sold a large amount of MULTI. At the same time, the Fantom Foundation withdrew a large amount of liquidity from the pools due to concerns about affecting the protocol.
Then, on June 1, Multichain announced that it still could not contact the CEO Zhao Jun to obtain the necessary server access and would suspend the respective cross-chain services for the effect of the affected chain on the user interface.
Multichain, a cross-chain routing protocol, tweeted over the past two days, due to unforeseen circumstances, the Multichain protocol has encountered many problems. The team has done everything possible to keep it running off the protocol. Still, they are currently unable to contact CEO Zhao Jun and obtain the necessary server access for maintenance.
In order to protect the interests of the majority of users, the team has decided to suspend the respective inter-chain 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, marking a 35% increase in the last 24 hours.
24h MULTI price chart. Source: CoinMarketCap
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