MULTI price surges more than 118% after the news that Multichain resumes cross-chain activity

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According to Wu Blockchain, the cross-chain bridge of the Multichain protocol was back up and running on June 5, which was confirmed by community members.

In a Twitter post on June 5, Bobie, founder of the Web3 protocol 0xScope, revealed that several of Multichain's cross-chain bridge services, including Zksync Era, KAVA EVM, and AVAX C-Chain , is now working again. He also wondered if Zhao Jun, CEO of Multichain, had been freed following rumors of his arrest.

Screenshot of transactions on Zksync Era, KAVA EVM, and AVAX C-Chain showing Multichain resuming cross-chain bridge activity. However, Multichain has yet to make any official announcements on social media.

Meanwhile, Salience, Multichain's Telegram channel administrator, shared that the protocol's routing engine is now back up and running. They claim the bridges will work as they should.

Following this news, the MULTI token price of the Multichain protocol reacted positively as it jumped 118.29% to a high of around $7.8 since May 24 before falling back to its current level of 4, 3 dollars.

MULTI/USDT 1-hour chart | Source: TradingView

On May 24, the crypto community buzzed with news of the Multichain team being arrested by Chinese authorities, with $1.5 billion worth of assets seized. By May 31, the Multichain developers announced on Twitter that they would be temporarily suspending cross-chain routes due to lack of access on behalf of CEO Zhao Jun.

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Annie

According to AZCoin News

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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