Blockchain Giants Unite to Combat Multichain Force Majeure

Blockchain Giants Unite to Combat Multichain Force Majeure

Three large crypto entities take action in response to delays and concerns around the cross-chain protocol Multichain, as the Fantom Foundation withdraws $2.4 million in liquidity, Chinese crypto investment firm HashKey Group moves $250,000 to crypto exchange, and Tron founder Justin Sun withdraws 470,000 of the stablecoin USDD from the protocol itself.

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 protocol’s native MULTI crypto tokens on decentralized exchange SushiSwap, as noted by on-chain analysts Lookonchain, making the crypto tokens available to be sold. Similarly, Chinese cryptocurrency financing company HashKey Group moved $250,000 to cryptocurrency exchange, as noted by cryptocurrency analysts Arkham Intelligence.

Beyond the crypto tokens, Tron founder Justin Sun withdrew 470,000 of the crypto 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.

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Multichain responds

“Well bridge/swap works as usual, only Router2 routing is pending upgrade [at the moment],” stated Multichain’s pseudonymous VP of strategic partnerships, who goes by Mog, adding that “99 percent of other routings/ crypto token bridges work as intended.”

Meanwhile,  the token’s price remains down at $5.21, having declined 26 percent in the last 24 hours.

” Although while most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable owing to force majeure, and the time for service to resume is unknown,” Multichain stated in an update on its Twitter account. “After service is restored, pending transactions will be credited automatically.” 

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Multichain stated it would compensate users influenced “during this process,” with a formal intend to be announced in the future. 

(Updates with comment from Multichain in 7th paragraph.)


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