3 large cryptocurrency entities have taken action in response to the delays and concerns around the cross-chain protocol Multichain.
The Fantom Foundation withdrew $2.4 Million in liquidity of the protocolโs native MULTI cryptoย tokens on decentralized exchange SushiSwap, as noted by on-chain analysts Lookonchain, making the cryptoย tokens available to be sold. Similarly, Chinese cryptocurrency financing company HashKey Group moved $250,000 to cryptocurrency exchange Gate.io, as noted by cryptocurrency analysts Arkham Intelligence.
Beyond the cryptoย tokens, Tron founder Justin Sun withdrew 470,000 of the cryptoย stablecoin USDD from the protocol itself, as highlighted by Lookonchain.
Multichain has been hit by concerns after users have informed delayed transactions over the last few days. For its part, the protocol maintains that the delays are being caused by an upgrade and that only one more router is left to be upgraded.
Multichain responds
โWell bridge/swap works as usual, only Router2 routing is pending upgrade [at the moment],โ stated Multichainโs pseudonymous VP of strategic partnerships, who goes by Mog, adding that โ99 percent of other routings/ cryptoย token bridges work as intended.โ
Meanwhile,ย the tokenโs price remains down at $5.21, having declined 26 percent in the last 24 hours.
โ Althoughย while most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable owingย to force majeure, and the time for service to resume is unknown,โ Multichain stated in an update on its Twitter account. โAfter service is restored, pending transactions will be credited automatically.โย
Multichain stated it would compensate users influenced โduring this process,โ with a formal intendย to be announced in the future.ย
(Updates with comment from Multichain in 7th paragraph.)
