The Phantom Foundation pulled millions of dollars of liquidity from a trading pool in the altcoin project’s native token on Wednesday. This raised concerns about the stability of the cross-chain bridge protocol.
Phantom Foundation launches $2.4 million MULTI
According to Etherscan, a foundation-controlled wallet has withdrawn approximately 450,000 MULTI and 1,363 ETH from a liquidity pool on the decentralized exchange SushiSwap. Cross-chain researcher Lookonchain marked the move as the first. The Phantom Foundation has yet to respond to a request for comment.
cryptocoin.com As we reported, the withdrawal of liquidity came as Multichain users reported days of delay in withdrawing crypto assets from the protocol that helps them move their assets between the Fantom and Ethereum ecosystems. Altcoin developers reported a “longer-than-expected” upgrade to the community on May 21. Meanwhile, Multichain representatives have not yet made a statement on the subject.
However, the Phantom Foundation still holds its MULTI. Nansen reported that other top holders are sending Multichain’s governance token to exchanges. He also noted that among them was a whale with 494,200 tokens ($2.75 million), as well as digital asset firm Hashkey Capital, whose position was valued at $221,000 at the time. Large on-chain moves coincide with a drop in MULTI’s transaction price. According to press time, the altcoin price has dropped more than 28.5% in the past 24 hours to $5.04.
Last minute: Altcoin project responds!
Meanwhile, Multichain’s VP of strategic partnerships, nicknamed Mog, said, “The bridge/swap is working as usual. Router2 routing only [şu anda] waiting to be upgraded. He explained that 99% of other redirects/token bridges work as intended.
“Most of the cross-chain routes of the Multichain protocol are working well,” he wrote on his Multichain Twitter account. However, some cross-chain routes are unavailable due to force majeure. Also, the duration of service is unknown. After the service is restored, pending transactions will be automatically credited.” Multichain also stated that it will reimburse affected users “throughout this process,” with an official plan to be announced in the future.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.