The price of the Multichain token unexpectedly increased by 36%

trading blue chart
trading blue chart

Quotes of the MULTI token of the cross-chain protocol Multichain jumped by 36%, despite the ongoing uncertainty around the project.

Binance exchange MULTI/USDT 4-hour chart. Data: Trading View.

A few days ago, users began to complain about transactions stuck in the blockchain and the inability to withdraw their funds.

The developers attributed the problems to the technical update process. On May 24, they stated that all the nodes, except for one, are working fine. However, the protocol token collapsed amid ongoing events.

At the same time, rumors appeared in the community about the arrest of the Multichain team in China.

Data: Telegram.

In recent days, the company’s vice president of strategic cooperation, pseudonym Mor, has been contacting the community. It’s still unclear where co-founder Zhaojun is located, The Block noted. Users are also wondering why the CEO of Multichain is not contacting them.

According to CoinGecko, the price of MULTI has increased by 36% in the last 24 hours from below $3.5 to $4.68. At the moment, the price was approaching the level of $5.3.

Data: CoinGecko.

On the project’s social media accounts, users continue to wonder what the definition of “force majeure” means, which the team used to explain that the protocol remains partially offline.

In the Chinese-language Telegram channel Multichain, the administrator stated that it was necessary to wait for the “return of Zhaojun.” It is not clear what he meant by this.

Over the past week, some crypto companies and entrepreneurs have taken steps to reduce the impact of the Multichain issues on their operations. These include Fantom Foundation, Binance, Hashkey Group, Tron founder Justin Sun, and Conflux.

According to DeFi Llama, the total value of assets locked in the protocol remains at around $1.52 billion.

Data: DeFi Llama.

Recall that the developers of Multichain promised compensation to users affected by the freezing of transactions.

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