SpiritSwap

Multichain

Fantom

Foundation

<div class="cryptonews"> 
 <p class="is-style-lead">Former <a rel="noopener noreferrer nofollow" title="developers" href="https://thebittimes.com/tag/developers.html">developers</a> of Multichain, recently mired in controversy, have announced a new project named ValueRouter, aiming to simplify multi-chain <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> swaps.</p> 
 <p>A few months ago, the crypto world was rocked by the unauthorized withdrawals of over $130 million from Multichain, a bridging network previously known as Anyswap.</p> 
 <p>The intrigue deepened with the revelation that its CEO, Zhaojun, and his sister, were allegedly at the center of the event, causing the suspension of the platform’s operations in July. </p> 
 <p>The fallout affected many, particularly the Fantom ecosystem, leading to the shutdown of the Fantom-based SpiritSwap DEX.</p> 
 <p>Despite the stormy backdrop, some developers from Multichain have made a re-entry with a new project called ValueRouter. </p> 
 <p>Similar in function to Multichain, ValueRouter enables users to “swap any <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> for your desired <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> across multiple chains in just one transaction.”</p> 
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    <p lang="en" dir="ltr"> A salute to the former engineers of Multichain! <br>Even after the team's disbandment, they continue to forge ahead in Web3, bringing forth @ValueRouter . <br><br> Explore https://t.co/zzp2i9nwGd for seamless bridging or cross-chain swaps among @ethereum @avax @optimismFND @arbitrum.…</p>— Multichain (Previously Anyswap) (@MultichainOrg) September 29, 2023 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Crypto lending protocol Geist Finances ceases operations after Multichain shutdown 
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 <p>It seeks to simplify multi-chain <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> swaps, incorporating Circle CCTP and DEXes to facilitate easy cross-chain dapp development and <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> routing. </p> 
 <p>Its operation resembles Multichain, leveraging a multi-party computation system akin to multi-signature wallets.</p> 
 <p>Reactions to the announcement were mixed. </p> 
 <p>While some might see this as a sign of resilience and continuity, others, like crypto investigator ZachXBT, believe the unaddressed $125 million still missing from Multichain should be a priority before launching any new venture. </p> 
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    <p lang="en" dir="ltr">should maybe worry about the $125M that’s missing before launching another one @inversebrah</p>— ZachXBT (@zachxbt) September 29, 2023 
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 <p>Nick SR from the Fantom Foundation echoed these concerns with a succinct “Too soon.”</p> 
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    <p lang="en" dir="ltr">Too soon.</p>— Nick.ftm (@Nick_SR5) September 29, 2023 
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 <p>Digging into the Multichain ordeal, it was found that its CEO had been in the custody of Chinese authorities since late May where his devices and recovery phrases were seized. </p> 
 <p>Later, Zhaojun’s family was able to access the cloud server <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a>, reportedly using data from his home computer, which permitted limited access to the team to resolve certain tech issues.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Multichain team allegedly arrested in China 
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 <p>While it was clarified that Zhaojun had no direct role in the unauthorized withdrawals due to his incarceration and police control over server access, many users felt the pinch.</p> 
 <p>Tokens impacted by the significant withdrawals lacked collateral, leaving many in a tight spot. Currently, there are no indications from the Multichain team about compensating the users for their losses.</p> 
 <p><br>In response to the July Multichain exploit, the Fantom Foundation acted swiftly to address concerns and safeguard their community. They are collaborating with </p> 
 <p>TRM Labs, a leading blockchain intelligence firm, to undertake an independent investigation—ensuring no compromise on user privacy by keeping personal data inaccessible to TRM.</p> 
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    <p lang="en" dir="ltr">Fantom Foundation Statement on Multichain Incident pic.twitter.com/K4RtpTXzuw</p>— Fantom Foundation (@FantomFDN) September 29, 2023 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Fantom’s DEX, SpiritSwap, folding after Multichain hack 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ex-multichain-developers-unveil-valuerouter-an-asset-swapping-platform-tbt64570.html">https://thebittimes.com/ex-multichain-developers-unveil-valuerouter-an-asset-swapping-platform-tbt64570.html</a></p>

Ex-Multichain developers unveil ValueRouter, an asset swapping platform

TheBitTimes

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