Multichain Cryptocurrency Plunges Amidst Rumors of Team's Arrest and Transaction Delays
The cryptocurrency ecosystem faced a major setback as Multichain, a popular blockchain project, encountered significant challenges. The delayed backend upgrade and unconfirmed reports of the team's arrest in China have led to transaction delays and an alarming drop in the trading price of MULTI tokens.
Transaction Delays and Temporary Suspensions=-
:Multichain's backend upgrade encountered unexpected delays, resulting in numerous user transactions getting stuck. While most routes remained operational, temporary suspensions were imposed on routes such as Kava, zkSync, and Polygon zkEVM. Multichain assured users that affected transactions would be completed once the upgrade was finalized.
Significant Outflows and Token Price Plunge
The transaction delays and rumors surrounding the team's arrest caused a wave of concern among Multichain users. Lookonchain reported a substantial outflow of approximately $3 million worth of MULTI tokens from smart money accounts. Consequently, the price of MULTI plummeted by 27.33% in the previous 24 hours, with a trading price of $5.11 and a market cap of $74 million.
Unconfirmed Reports of Team's Arrest
Amidst the transaction delays and increased outflows, rumors circulated regarding the arrest of the Multichain project team with over $1 billion in contract funds. However, Multichain has not confirmed these reports, and the situation remains speculative. As the story continues to unfold, Multichain may release an official statement to clarify the situation.
Impact of Sell-Offs on Token Price and Project Future
Lookonchain's observations indicated a significant increase in the selling of MULTI tokens by holders. Several addresses, including hwg.eth and the Fantom Foundation, were involved in notable token sell-offs. Such sell-offs can have long-term implications for the project's price and overall market perception.
Conclusion-: Multichain's recent challenges, including transaction delays and rumors of the team's arrest, have caused a sharp decline in the trading price of MULTI tokens. While the situation remains unconfirmed, it is essential for Multichain to address these concerns promptly to restore user trust and mitigate further market repercussions. The future of the project will depend on its ability to overcome these obstacles and provide transparent communication to its community.
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