This Altcoin Rises 65 Percent In One Day! Is it a trap?

Listed on Binance Multichain named altcoin It fell sharply after the allegations about it last week.

Among the allegations Multichain His team was arrested by the Chinese police and the $1.5 billion fund was confiscated. After this news, the price of Multi fell sharply from $8 to $3.2.

Still No Voice from the Founders

In the meantime, no information has been shared about the whereabouts of the project’s founding partner, Zhaojun. While the allegations on Multi have yet to be confirmed, the founder’s absence for a week has raised suspicions.

Why Is The Price Rising?

While the uncertainty about the whereabouts of Multi’s co-founder continued, there was an interesting rise in the price of MULTI.

The price of Multi was up about 65% yesterday. While it is not known whether the price surge in Multi was due to insider information, experts warned it could be a short squeeze move and a trap to attract liquidity.

Reminding that there were similar moves in the LUNA collapse, experts suggested to be careful against manipulative price movements in MULTI until the accuracy of the claims and the fate of the founders are learned.

Multichain vice president of strategic partnerships wrote to the official Telegram group today, stating that if he gets any information about Zhaojun, he will share it.