Rumors prompt panic over $1.5B blockchain bridge Multichain
Worries about the stability of Multichain and its total value locked (TVL) of $1.5 billion, sparked a major sell-off of the project’s token, MULTI, yesterday. The panic was triggered by a tweet claiming that users were reporting delays in receiving assets across the bridge and that an insider was dumping tokens. A transfer of almost 500,000 MULTI (worth approximately $3.2 million at the time) was made from an address suspected to be either a Multichain team member or an investor. The tokens, which hadn’t been touched since they were first received over a year ago, were sent to the centralized exchange Gate.io, where users inferred they would be sold off. An address related to the @MultichainOrgteam, 0xb4df, transferred 494,200 $MULTI (3.17M) to@gate_io one hour ago. Previously, Several users reported in Discord that their cross-chain assets have not arrived for a long time. Currently, the price of $MULTI has dropped by 14%. pic.twitter.com/1xOAugnFCV — 0xScope (🪬 . 🪬) (@Sc...