Multichain's arrival delay raises doubts
There is an abnormal delay in the arrival of the Cross-chain bridge Multichain. Although the official official has previously announced that the contract will be upgraded and the estimated time is 24 hours, many community users have reported that the account has not been received for more than 48 hours.
In this regard, the official Multichain community administrator announced in the community that the reason for the delayed arrival is that the upgrade took longer than expected, and only some chains are still suspended.
Market panic speaks
In addition, even FUD appeared in the community, claiming that the senior management of Multichain had been arrested and the cold wallet had been controlled, with a total asset value of 1.5 billion US dollars.
On the other hand, according to the data tracked by 0xscope, the address 0xb4df related to MultichainOrgteam transferred 494,200 MULTI (approximately US$3.17 million) to the Gate io exchange at around 5:30 pm today.
At the same time, the HashKey related address also transferred 43,928 MULTI tokens to Gate io, worth about 247,000 US dollars.
All kinds of rumors and negative news spread in the market, and the founder and CEO of Multichain, Zhaojun himself, still refuted the rumors, which further exacerbated the panic in the market. As of this writing, the MULTI token is down over 20% over the past 24 hours.
Fantom suffers too
Besides the MULTI token, even Fantom has fallen victim to the current market panic. Since Multichain is the main Cross-chain bridge of Fantom ecology, many Cross-chain assets must be accepted by Multichain. The figure below shows the TVL ranking of Multichain in each blockchain ecology.
Assuming that there is a real problem with Multichain, these Cross-chain assets will lose their value, and the most serious impact will inevitably be the Fantom ecology. As of this writing, FTM is down about 7% over the past 24 hours.
At present, the community is waiting for Multichain CEO Zhaojun to come forward to refute the rumors. It can be expected that after Zhaojun comes forward to clarify, both MULTI and FTM will have a chance to usher in a rebound.
