Multichain’s Cross-Chain Fund Delays Cause 20% Fall In Token Price

Several users have noted an unusual delay in the arrival of Multichain’s (previously known as Anyswap) current cross-chain funds. In response to this concern, the official Multichain representative stated on Discord that the upgrade of the backend nodes took more time than initially anticipated.

Multichain announced on May 23 that the upgrade of the backend node is taking longer than expected. They mentioned that most routes are operating as usual, but temporary suspensions are in effect for specific routes, including Kava, zkSync, and Polygon zkEVM.

Multichain assured users that once the upgrade is complete, all affected transactions will be processed and delivered accordingly. Multichain’s telegram admin shared: Only one router is left in the upgrade progress. The other 6 routers work fine now.

Moreover, they reassured users that efforts are being made to complete the upgrade on the remaining router, and once that is done, everything will return to normal. The admin further emphasized that all funds are secure and that transactions will resume once the upgrades are completed.

However, amid user complaints regarding stuck transactions on the cross-chain bridge protocol, the price of the Multichain (MULTI) token has experienced a 20% decrease, declining from $7 to $5.63.

Multichain price decline by Coingecko
Multichain price decline by Coingecko

On-chain analytics firm, Lookonchain has been diligently observing the on-chain activity surrounding Multichain tokens. Their Analysis has unveiled several entities participating in the sale of Multichain tokens across both centralized and decentralized exchanges in recent times.

One particularly notable transaction involved an address that transferred 494,200 tokens, valued at $2.75 million at the time, to the Gate.io exchange. Furthermore, Lookonchain disclosed another trade executed by an address associated with the ENS name “hwg.eth.” This individual sold 36,200 tokens, totaling $200,000, as recently as yesterday.

Meanwhile, in order to safeguard the security of their users, BitKeep has decided to temporarily halt support for Mutichain cross-chain channels. They also asked users to note that this incident did not impact the cross-chain bridge function provided by BitKeep and can continue utilizing the cross-chain bridge without any concerns.

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