Multichain behind altcoin MULTI is not getting off the headlines. On June 5, it was confirmed by chain experts that some cross-chain bridges of the Multichain protocol are back online and transactions are taking place on the protocol. Multichain Vice President Tung Dinh and management also confirmed the restoration of Multichain’s router2. This shows that a significant part of the bridge is operating normally. Here are the details…
Multichain is active again: Altcoin rises
As a result, the price of Multichain’s native token MULTI has seen a significant increase of 40 percent in just a few hours. Some users reported receiving cross-chain funds. A Twitter post by Bobie, founder of the Web3 infographic protocol 0xScope, shed some light on the latest developments in the network. Several Multichain cross-chain bridge services including Zksync Era, Kava EVM, and Avax C-Chain have revealed that they are resuming their operations. Bobie also questioned the status of Multichain co-founder and CEO Zhao Jun, suggesting that he may have been released from prison.
Screenshots of transactions on Zksync Era, Kava EVM, and Avax C-Chain have been shared as proof of the resumption of Multichain’s cross-chain bridge functions. However, no official updates were made from Multichain’s social media account. Meanwhile, another person, Salience, confirmed that Multichain’s router2 is working again, implying that the core bridges are fine and should function normally.
Binance stopped trading
cryptocoin.com As we reported, Binance has temporarily suspended deposits for Multichain-related bridged tokens. Affected tokens include POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC and DEXE-BSC. The suspension of Multichain’s cross-chain bridge services has had a significant impact on the Phantom Blockchain. Also, the price of Multichain’s native token MULTI is up 40 percent, currently trading at $4.80.
The lowest and highest prices recorded were $3.52 and $5.13, respectively, over a 14-hour period. The trading volume also increased in a short period of time, showing increased interest from traders. After Multichain suspended its cross-chain bridges and its CEO, Zhao Jun, disappeared and was suspected of being under investigation by the police, MULTI’s price had plunged 50 percent in a month.
Multichain was born as Anyswap on July 20, 2020 to serve the clear needs of different and diverse Blockchains to communicate with each other. Since then the word has undergone a name change. Now, developments related to its CEO were occupying the crypto money market.
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