The price of Multichain’s MULTI token, a protocol that enables cross-chain transactions, dropped by 30% in a day to $4.97 per token.
MULTI Experiences 30% Sell Off Due to Delayed Transactions
The price of Multichain’s MULTI token, a protocol that enables cross-chain transactions, dropped by 30% in a day to $4.97 per token. The reason for the decline was a delay in the upgrade of the backend node, which affected some of the routes and caused some users to not receive their multichain funds. The Multichain team apologized for the inconvenience and assured that all transactions would be completed after the upgrade.
The sell-off was also fueled by rumors and speculation. A tweet claiming that the Multichain team was arrested by the Chinese police and that $1.5 billion of contract funds were seized went viral. A wallet address associated with Fantom Foundation, a layer-1 blockchain developer, withdrew 449,740 MULTI ($2.4 million) from SushiSwap, a decentralized exchange. Lookonchain, a blockchain analytics firm, reported that at least $3 million worth of MULTI left the accounts of smart money.
