Former Multichain Developers Launch ValueRouter to Simplify Multi-Chain Asset Swaps
A group of former developers from Multichain, a project surrounded by controversy, have announced their new venture called ValueRouter. The goal of ValueRouter is to streamline multi-chain asset swaps using a system similar to Multichain’s, which utilizes multi-party computation and multi-signature wallets.
The reaction to this announcement has been mixed. While some view it as a sign of resilience and continuity, others, like crypto investigator ZachXBT, believe that addressing the $125 million still missing from Multichain should be the top priority before launching a new project. Nick SR from the Fantom Foundation also expressed concerns about the timing.
In the aftermath of the Multichain ordeal, it was discovered that the CEO had been in Chinese custody since May and his devices were seized. Although he had no direct involvement in the unauthorized withdrawals, many users were affected by the lack of collateral for impacted tokens. Currently, there is no indication from the Multichain team regarding compensation for these losses.
Fantom Foundation Collaborates with TRM Labs for Independent Investigation
In response to the July exploit on Multichain, the Fantom Foundation has taken swift action to address concerns and protect their community. They are partnering with TRM Labs, a leading blockchain intelligence firm, to conduct an independent investigation. The collaboration ensures that user privacy is maintained, with personal data inaccessible to TRM.
Hot Take: Former Multichain Developers Face Mixed Reactions with ValueRouter Launch
The launch of ValueRouter by former developers of Multichain has garnered mixed reactions within the crypto community. While some see it as a positive step towards simplifying multi-chain asset swaps, others have raised concerns about addressing the missing funds from Multichain before embarking on a new venture. The Fantom Foundation has also expressed reservations about the timing of the launch. Additionally, users affected by the unauthorized withdrawals on Multichain are still awaiting compensation for their losses. On a separate note, the Fantom Foundation has taken proactive measures to protect their community by collaborating with TRM Labs for an independent investigation into the July exploit. This collaboration ensures that user privacy is maintained throughout the investigation process.
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