Multichain, a cross-chain protocol, promised to compensate users that are being influenced by a “force majeure” that has left some cross-chain routes unavailable.
“The time for service to resume is unknown,” the Multichain team stated in a post on Twitter, adding that most cross-chain routes were still functioning well. “After service is restored, pending transactions will be credited automatically.”
The group stated it would reveal details of the compensation strategy at a thereafter date. It 1st acknowledged the issue in an operational update yesterday when it stated an upgrade to a back-end node was taking longer than expected.
Several users have been complaining about stuck transactions since as early as May 21, The Block informed earlier. Multichain’s MULTI crypto token has dropped 23.6 per cent in the previous day to $5.41, reports by data from CoinGecko.
The issues have led to at least 3 large cryptocurrency entities taking action in response, with Fantom Foundation withdrawing $2.4 Million in liquidity of the protocol’s native MULTI crypto tokens on the decentralized exchange SushiSwap. Chinese cryptocurrency financing company HashKey Group moved $250,000 to cryptocurrency exchange Gate.io, while Tron founder Justin Sun withdrew 470,000 USDD, a crypto stablecoin, from the protocol itself.
