Multichain’s MULTI soars 30% as cross-chain bridge services resume News ▸ Binance ▸ Technology
Multichain’s MULTI soars 30% as cross-chain bridge services resume
Cross-chain bridge Multichain resumed operations after a weeklong hiatus saw transactions stuck on its platform.
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Updated: Jun. 5, 2023 at 1:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Multichain Network token MULTI rose nearly 30% after several users confirmed that the cross-chain bridge services resumed operation on its official Telegram channel on June 5.
According to CryptoSlate’s data, MULTI reached as high as $4.89 before retracing to $4.39 at the time of writing.
Multichain resumes operation
On June 5, Multichain’s VP Tung Dinh corroborated the news, tweeting that “Router 2 is back.
0xScope founder Bobie, sharing a screenshot, said some Multichain cross-chain bridge services, including Zksync Era, Kava EVM, and Avax C-Chain, resumed operations.
Web3 knowledge graph protocol 0xScope later tweeted that the service recovery increased the MULTI token’s value by 47%, adding that Kava-based USD Coin (USDC) regained its peg after dropping to a low of $0.35.
Meanwhile, several users have begun to ask questions about when their pending transactions would be recorded. Some Multichain users complained that their funds were stuck for three days or more during the height of its issues.
Multichain’s official Twitter account was yet to provide any update on the resumed operation or pending transactions.
Multichain’s issues
Multichain’s issues began on May 23 when its team stated they were experiencing problems with a planned upgrade. At the time, the protocol said transactions through some routes like Kava and Polygon were temporarily suspended.
Several users soon began to report that their transactions were stuck, raising FUD about the protocol’s operations and security.
A May 24 update from Multichain attributed its issues to a “force majeure,” with the team denying reports of being hacked
On May 31, the protocol said it could not contact its CEO Zhaojun, leading to unconfirmed rumors that he was arrested in China.
During these crises, Binance temporarily halted deposits for Multichain-related tokens while several whales dumped them.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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