Multichain Bridge Transactions Resume On Four Chains, MULTI Up 15%

Summary:

• On-chain data showed that multichain transactions on Polygon, Avalanche, zkSync Era, and Kava networks resumed on Monday.
• Cross-chain services across 11 chains remain suspended as the team announced last month.
• Users first reported abnormal activity and stuck transactions on May 21, prompting exits from investors and ecosystem stakeholders in the following days.
• The MULTI token increased 46% in price on June 5 after activity resumed across these four chains.
• Monday’s activity could suggest that the project’s CEO is in touch with the team.

Multichain transactions on Polygon, Avalanche, Zksync Era, and Kava networks resumed on Monday, June 5 data from on-chain explorers showed.

The project’s token MULTI jumped from $3.5 to $5.1 and back to $4, a 15-46% increase in price following the news.

Cross-chain services across 11 chains remain suspended as the team announced last month. These chains include Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, and Planq.

Monday’s activity spurred speculations that CEO Zhaojun possibly made contact with the team. Rumors previously suggested that police in China arrested Zhaojun and other core members of Multichain’s team.

Multichain Bridge Breakdown

Users first reported abnormal activity and stuck transactions on May 21, prompting exits from investors like Haskey and ecosystem stakeholders like Fantom in the following days. Uncertainty surrounding the cross-chain protocol reached a fever pitch after the team claimed a “Force Majeure” was the cause for delayed transactions.

The team also went silent amid rumors that CEO Zhaojun was arrested in Chain although the news was never confirmed. MULTI’s market value fell 60% during this period and exchanges like Binance halted deposits/withdrawals for Multichain-bridged tokens

On May 31, the Multichain (formerly Anyswap) team suspended service to 11 cross-chain bridges. The notice said that Zhaojun was still unreachable at the time and could not approve server access needed for protocol maintenance.

The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.