Users Funds Stuck: Multichain Token Plummets 20%

Users Funds Stuck: Multichain Token Plummets 20%


Multichain users experience delays in receiving their funds following an upgrade, while rumors circulate about the arrest of the Multichain team and MULTI token value drops by over 24% in 24 hours.

Users of the cross-chain router protocol Multichain have been reportedly experiencing delays in receiving their funds following an upgrade.

There have likewise been speculation about the arrest of the Multichain team, which is is still to be confirmed.

MULTI Sinks 24 percent in 24 Hours

Plenty of Multichain users have complained about their funds being stuck in the protocol for as long as 72 hours. Part of the issue appears to stem from a backend upgrade, which the team stated is taking longer than usual.

Reports by an operation update provided on May 23, Multichain said:

The upgrade of the back-end node is taking longer than predicted. Most of the routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are stopped temporarily for now. All the influenced transactions will arrive once the upgrade is complete.

In the meantime, ongoing discussions on Multichain’s Telegram channel as of May 24 revealed that all but one router was undergoing an upgrade. 1 of the admins in the group stated, “Only one router left in the upgrade progress. Other 6 routers work fine now,” with another one stating that the team was working on the final router and operations will be “back to normal once it is finished.”

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Nonetheless, Multichain’s crypto token MULTI has  dropped over 24 percent in the previous day, from $7.09 to $5.39, reports by Coingecko. The collapse in the token’s value may be a result of panic selling from holders.

Multichain Team Allegedly Arrested in China

Lookonchain likewise informed that some investors have likely been selling their multichain tokens.

1 address deposited 494,200 MULTI (valued at $2.75 million) to the cryptocurrency exchange Gate.io on May 24. Digital investment financial services group Hashkey likewise transferred $247,000 worth of MULTI to the same cryptocurrency exchange today.

In the meantime, an address with the ENS name hwg.eth sold over 36,000 MULTI crypto tokens to get $200,000 on May 23. It’s worth noting that, Fantom Foundation likewise recently removed approximately 450,000 MULTI (worth $2.4 million) crypto tokens from liquidity on SushiSwap.

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Amid reports of delayed transactions and crypto token price slump, there have likewise been speculation of the Chinese authorities arresting the Multichain project team and with over $1 Billion in contract funds “under control.”

Nonetheless, Multichain has neither confirmed nor refuted the ongoing speculation, but we shall give an update as this is a developing story.



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