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Fantom Foundation, Justin Sun, and HashKey Respond to Multichain Challenges

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Three big crypto companies have responded to the delays and concerns surrounding the Multichain protocol, which allows for communication and transactions between different blockchain networks.

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The Fantom Foundation withdrew $2.4 million worth of the protocol’s native MULTI tokens from the decentralized exchange SushiSwap, according to on-chain analysts Lookonchain. This action made the tokens available for selling. Additionally, Chinese crypto investment firm HashKey Group transferred $250,000 to the crypto exchange Gate.io, as reported by crypto analysts at Arkham Intelligence.

Tron founder Justin Sun withdrew 470,000 units of the stablecoin USDD from the Multichain protocol, as reported by Lookonchain.

Also Read This Related: Justin Sun Transfers $4.3 Million Worth of MakerDAO Tokens to Binance, Reveals Blockchain Data

Users have expressed concerns about delayed transactions within the Multichain protocol in recent days. The protocol, however, assures that the delays are due to an ongoing upgrade, with only one remaining router left to be upgraded.

According to Mog, the Vice President of Strategic Partnerships at Multichain, the bridge and swap functions are operating normally. The only pending upgrade is related to Router2 routing, while the rest of the routings and token bridges are functioning as intended.

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Currently, the token’s price stands at $5.13, showing a significant decrease of 27.6% in the past 24 hours.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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