In a surprising turn of events, the Multichain platform has witnessed a sudden halt in activity, sparking suspicions of a potential hack or rugpull rather than a planned migration. Alarming reports have emerged of multiple bridges being drained, indicating a possible breach in the system's security. However, there is a silver lining as it seems that there is no immediate need to revoke approvals.

https://etherscan.io/tx/0xde3eed5656263b85d43a89f1d2f6af8fde0d93e49f4642053164d773507323f8

The timeline of events paints a concerning picture:

4:21 PM UTC - First Suspicious Transaction: A transaction is sent, raising eyebrows regarding its nature and intent. Link to transaction

6:33 PM UTC - Draining of 30MM WBTC from Multichain Bridge: Disturbingly, a significant amount of Wrapped Bitcoin (WBTC) and other assets are withdrawn from the Multichain bridge. Link to transaction

7:06 PM UTC - PeckShield's Warning: Renowned blockchain security firm, PeckShield, tweets about the situation, further fueling concerns among the crypto community. Link to tweet

7:35 PM UTC - LayerZero Denies Involvement: LayerZero, a prominent blockchain infrastructure provider, confirms that they are not directly involved in the suspicious activities, adding another layer of uncertainty to the situation.

7:46 PM UTC - Drainage of Moonriver Bridge: The draining spree expands as the Multichain Moonriver bridge falls victim to the mysterious transactions. Link to transaction

8:05 PM UTC - Draining of Dogechain Bridge: The Multichain Dogechain bridge becomes the next target of the ongoing drainage, deepening concerns about the extent of the breach. Link to transaction

The series of events has left the cryptocurrency community on edge as they await further information about the motives behind these suspicious activities. The draining of multiple bridges suggests a coordinated effort to siphon funds from the Multichain ecosystem.

Despite the gravity of the situation, there is some relief in the fact that approvals do not require immediate revocation. However, it is crucial for users and stakeholders to exercise caution and closely monitor developments surrounding Multichain to safeguard their assets.

As investigations unfold, the Multichain team must work swiftly to identify the root cause of these incidents, enhance security measures, and provide transparent updates to regain the trust of their users and the wider cryptocurrency community.

#hackers #rugpull #multichain #MULTI $MULTI

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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