Last week, the Multichain token saw its price crash by about 20% due to reports that withdrawals were going awry. The main reason why transactions in the Multichain token were stuck is still unknown for now. However, there are two theories that could help us understand the situation.

At first, it was believed that withdrawals and deposits of MULTI were stuck because of a system update that was poorly executed which caused it to take a far longer time than usual. However, shortly after rumors began to spread that the dev team had already been arrested in Shanghai.

Although these speculations are yet to be confirmed. It has since been reported by the Multichain team that the CEO has gone missing, which left the devs without the required access that will enable them to perform server maintenance, which can be an explanation as to why the downtime was experienced.

Furthermore, at the time, an unknown user was spotted to have sent $2.75 million worth of MULTI to, this began to spread concerns that suggested an alliance between the two platforms.

In the past week, more assets that allegedly belonged to members of the Multichain team have been transferred to – amongst which a notable series of transactions added up to an amount of about $10 million worth of Fantom.

At this point, it is safe to say that the Multichain team is probably in a bit of a dilemma, as accusations began to fly, which singled out for allegedly covering up for the Multichain team, whom they are allegedly connected to.

The team at published a statement to calm the waters, they denied their involvement in the matter and gave clarity on what they’ve been up to in recent times.

According to the spokesperson for, their employees are more preoccupied with work concerning the upcoming 10th anniversary of the platform they run and also with the paperwork – most notably a Virtual Asset Service Provider (VASP) license – which is needed for the launch of their new focused trading platform in Hong Kong.

The spokesperson also took advantage of that opportunity and teased some upcoming goodies for users of their platform – this includes a series of “user campaigns” to celebrate the platform’s 10th birthday.

Featured Image Source: CryptoSlate

Leave a Reply

Your email address will not be published. Required fields are marked *

Captcha Plus loading...