Shaken by the recent hacking of over 130 million dollars of multichain The team behind it has announced a new project, surprisingly called ValueRouter.
Multichain Team Announced the ValueRouter Project After the Hack Incident
This initiative, based on a similar concept to the previous project, has raised suspicion in the crypto community.
Previously known as Anyswap, Multichain facilitated seamless bridging of crypto assets between various blockchain networks.
ValueRouter offers a familiar offering, as described on its website: “Exchange any asset for any asset you want across multiple chains in a single transaction.”
👏 A salute to the former engineers of Multichain!
Even after the team’s disbandment, they continue to forge ahead in Web3, bringing forth @ValueRouter .
— Multichain (Previously Anyswap) (@MultichainOrg) September 29, 2023
The newly announced initiative provides users with Ethereum, Avalanche, Optimism and Arbitrum It appears to authorize the transfer or exchange of assets between blockchains.
The ValueRouter team explains:
“ValueRouter is a unified protocol that simplifies multi-chain asset exchanges by integrating Circle CCTP and DEXs, enabling developers to build cross-chain dApps and allowing users to effortlessly route assets to any major DeFi platform.”
Working on a multi-party computation system similar to a multi-signature wallet, ValueRouter’s mechanics are very similar to that of Multichain.
This unexpected move raised eyebrows in some circles, and crypto researcher ZachXBT advised the team to handle the $125 million unaccounted for before making a new venture.
Nick SR, who manages Fantom Foundation’s social media, commented succinctly, “It’s too early.”
*This is not investment advice.
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