2 years ago
Multichain Network token MULTI fell by 27% aft respective whales dumped the token pursuing its transaction hold issues.
Whales dump MULTI
Blockchain researcher Lookonchain reported that a whale address, 0xb4df, deposited 494,200 MULTI worthy $2.75 cardinal connected Gate.io earlier today. The code is related to the Multichain Team, according to reports.
Hashkey besides deposited 43,928 MULTI valued astatine $247,000 connected the aforesaid exchange. Meanwhile, Hwg.eth preempted today’s dump by selling much than 36,000 MULTI for $200,000 connected May 23.
Fantom (FTM) Foundation besides removed astir 450,000 units of MULTI ($2.4 million) from Sushiswap. Lookonchain noted that the crypto instauration would “likely sell-off” this withdrawal.
Delayed transaction issues
On May 23, the Multichain squad explained that it was experiencing issues with the planned upgrade of its cross-chain bridge. The squad wrote:
“The upgrade of the back-end node is taking longer than expected. Most of the routes are moving arsenic usual, arsenic immoderate routes (Kava, zkSync, Polygon zkEVM) are suspended temporarily for now. All the affected transactions volition get erstwhile the upgrade is complete.”
This hold led to the dispersed of FUD connected its societal media platforms. Several protocol users person raised antithetic questions astir their funds connected the authoritative Telegram channel.
A May 24 update from an admin of the radical Mog Multi assured that it did not endure an exploit and its users’ funds were safe. The admin added that the protocol worked connected the past router and that regular services would resume soon.
However, the updates look not to person stopped the assemblage fears, arsenic respective users complained that their funds had been stuck connected the span for up to 72 hours.
Besides the web issues, determination are accrued rumors that the Chinese authorities person arrested the Multichain team.
Multichain was yet to respond to CryptoSlate’s petition for remark arsenic of property time.
The station Whales offload Multichain arsenic web suffers delayed transactions appeared archetypal connected CryptoSlate.
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