Cross-chain router protocol (CRP) Multichain’s operations resumed in full swing today, leading to a significant surge in its native token MULTI. The token gained as much as 45% earlier today, going from its weekly low of $3.5 to a daily high of $5.1. The hike came amid positive feedback from the users of the cross-chain bridge.
Blockchain analytics firm Lookonchain took to Twitter earlier today to share the latest developments surrounding Multichain’s operations:
1/ ~5 hrs ago, #Multichain's transactions on the Polygon / Zksync Era/Kava/Avalanche network resumed normally.
— Lookonchain (@lookonchain) June 5, 2023
And the price of $MULTI rose from $3.5 to $5.1, an increase of 46%.https://t.co/n8PKFSicOvhttps://t.co/Qvj3neJfVQhttps://t.co/7Xo7XcpOiMhttps://t.co/Qo7M5Q7L8Q pic.twitter.com/SuxwG7QzAV
According to data gathered by Lookonchain, Multichain’s transactions resumed normally on multiple networks, including Polygon, Zksync Era, Avalanche, and Kava. Data from Polygonscan showed that the transactions initiated through Multichain had successfully gone through. The resumption of proper transactions came over a week after the cross-chain bridge initially reported trouble.
Multichain’s troubles began on May 21, 2023, after users on Twitter reported abnormal delays on the cross-chain bridge. The following days saw considerable FUD, which led to high-profile investors, including Hashkey dumping its native token MULTI. The Fantom Foundation removed $2.4 million worth of MULTI liquidity from SushiSwap.
When news of Multichain CEO ZhaoJun’s arrest broke on May 25, Binance suspended deposits for Multichain bridged tokens network. This move led to a 60% decline in MULTI’s price. Though Lookonchain’s Twitter thread stated that the CEO was released from jail today, Multichain didn’t provide any updates on the matter.
Crypto users on Twitter confirmed that Multichain’s service was back online today. 0xBobie on Twitter shared screenshots of the successful transactions on the cross-chain bridge. Meanwhile, SalienceXBT tweeted that Multichain’s router2 was back online, suggesting that a core part of the bridge was fine.
The latest developments, including the resumption of transactions on Multichain and the reported release of CEO ZhaoJun from jail, led to a 45.7% hike in MULTI’s price. At the time of writing, the token was trading at $4.2, with an 828% increase in its daily trading volume over the past 12 hours.
