MUlTI Huge 30% Off After Rumors Of Multichain Team Being Arrested

Key Points:

• The MULTI token price is currently trading at $3.68, down 30% in 24 hours during the FUD whirlwind.
• After the rumor that the co-founder and CEO of the project was missing, the project team in China was also suspected of being arrested.
• Facing a lot of negative information, a series of partners as well as investors are looking for ways to get rid of this danger.

Recently, the MULTI token of the Multichain cross-chain bridge has plummeted, about more than 30% in the past day. The community could not help but feel uneasy when there was no statement from the project side.

FUDs continued to erupt after the failure of this bridge as some users noted the slowness of Multichain cross-chain transfers. The team explained that the main reason was due to the back-end side of the project.

On May 23, the project announced that the bridge was not available for some chains. The project is upgrading and repairing but the completion time has not been determined, the affected people will be compensated. But up to now the user money has not been paid. Some of the affected routes are Kava, zkSync & Polygon zkEVM. However, most other remittance routes are still operating normally.

As mentioned in the previous Coincu News article, yesterday there were rumors that the CEO and CEO of Multichain, Zhao Jun, had suddenly disappeared and cut off all communication. However, on May 24, his Twitter account was still active when he shared a project plan.

Then, there were rumors that the Multichain team in China had been arrested by the authorities, and this information caused a stir on Twitter on the evening of May 24. Thereby, according to a Chinese source, the project team was arrested and the project’s cold wallet with $1.5 billion in assets is being controlled.

Before the questions raised, the project’s silence was the reason why many partners and investors decided to get out of this deep hole.

Lookonchain has detected the transfer of MULTI tokens to the Gate exchange by whale wallets. In addition, Fantom Foundation also had a strange move when withdrawing $ 2.4 million worth of MULTI tokens from the liquidity pool on SushiSwap.

The leading investor in the seed round, Binance, has also suspended the deposit port of 10 bridged token pairs due to an ongoing issue with the Multichain project.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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