Speculation within the Chinese cryptocurrency community suggest that the police arrested the development team for the Multichain network.ย The Chinese police canย potentially likewise control the networkโs hardware/cold wallet.
Accordingย to the speculative statements, the wallet involves around $1.5 to $1.6 Billion in funds.
Theย pastย few sentiments were highlighted onย Twitterย platform by @btcinchina:
Nonetheless, regardlessย of the speculation, the projectโs co- founder noted in a Telegram community that the team is in good condition. The co- founder Alfred Xu likewise statedย that business is ongoing normally, and the troubled route will be restored autonomously.ย
The hearsay stems from recent reports that the network was experiencing some minor transaction delays, with customers waiting for withdrawals for over 24 hours. Multichainโs team mentioned that their router for the bridge was impacted. Nonetheless, they were already doing some upgrades.
A blockchainย tech investigator wasย known BoringSleuth looked at the implication of the rumored arrest of Multichainโs team members. The detective mentioned that the arrest is huge, citing that if the arrest is valid, then one of the largest criminal organizations within cryptocurrency has been arrested. Theย group members are connected to 10+ rug pulls accordingย to the investigator.ย
The transaction delays sparked strong criticism from the community. Multichainโs cryptoย token, MULTI, suffered sharp price plunges duringย a concise duration, dropping by nearly 7 percent in 24 hours.
Looking at networks with the highest exposure to Multichain
The word-making rounds concerning issues within Multichain led to fears of the worst for the network. Asย aย result, some began compiling lists of projects with the highest exposure to Multichain.ย
Accordingย to the reports, the project with the most exposure is Fantom. About 35 percent of Fantomโs TVL is locked in Multichain. Furthermore, the reports indicate that a major part of Fantomโs assets is announced via the Multichain bridge.
The numbers indicate that Fantomโs assets associated with multichain, including FTM, total about $650 million.
Other projects with miniature exposure to the network include BSC, Optimism, Kava, Avalancheย (AVAX), Ethereumย (ETH), Arbitrum, and Polygon, in precisely that order.
