China France Blockchain Ethereum Binance Polygon Legal Police China France

Multichain Daily Bridging Volume Sees 5x Increase After Alleged Team Arrest, Barely Any Panic for Fantom

Reading now: 961

Rumors have been spreading throughout the cryptoverse that the major blockchain bridge Multichain team has been arrested by the Chinese police - with the shockwaves hitting the Fantom (FTM) ecosystem softer than expected.

Per several Twitter accounts, the Chinese community has been reporting the core team members' arrests, as well as that law enforcement gained control of a wallet with some $1.5 billion - &1.7 billion in it. "Alfred Xu, the co-founder of Multichain, said in the official Telegram community that the current team is healthy, the main business is normal, the route will be restored automatically, and the team is working normally," Gwei Research wrote.

The Multichain team did not provide further clarification. On May 24, they shared that "while most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown."Force majeure is a French term that means "greater force" or an "act of God" - an event outside one's control and accountability.

Multichain added that it would compensate affected users.That said, it is currently not clear if the reports are accurate.Meanwhile, researcher Defi Ignas noted a 520% spike in daily bridged volume, adding that deposits exceeded withdrawals by $18 million dollars following the rumors.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News