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MULTICHAIN Restarts Cross-Chain Bridges, Resulting in 40% Surge in MULTI Price

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Multichain Protocol Restores Cross-Chain Bridges as On-Chain Experts Verify Transactions; MULTI Price Surges by 40%

Following confirmation of on-chain transactions by experts, several cross-chain bridges of the Multichain protocol have been restored and are now operational as of June 5. Tung Dinh, Multichain’s Vice President, along with the admin, verified the reestablishment of Multichain’s router2, indicating the normal functioning of the bridge’s core component.

As users reported receiving cross-chain funds, the native token of Multichain, MULTI, experienced a remarkable surge of 40% within a few hours.

Cross-Chain Bridges Restored in Multichain Protocol

On June 5, Bobie, the founder of Web3 knowledge graph protocol 0xScope, took to Twitter to announce the resumption of certain Multichain cross-chain bridge services. These included Zksync Era, Kava EVM, and Avax C-Chain.

Bobie also speculated about the status of Multichain’s co-founder and CEO, Zhao Jun, suggesting that he might have been released from jail. Alongside his statement, Bobie shared screenshots of transactions on Zksync Era, Kava EVM, and Avax C-Chain, indicating that Multichain has resumed its cross-chain bridge functionalities.

Notably, there were no official updates from Multichain’s official social media account regarding these developments.

Salience has reported that Multichain’s router2 is now back online, signifying that the core bridges are operating smoothly and are expected to function normally. The group’s admin has also confirmed the proper functionality of the router.

Binance, the cryptocurrency exchange, has temporarily suspended deposits for bridged tokens associated with Multichain. Deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC have been affected by this suspension. The interruption of Multichain’s cross-chain bridge services has had a notable impact on the Fantom network.

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MULTI Price Skyrockets by 40%

Multichain’s native token MULTI has experienced a significant surge of 40%, with the current trading price standing at $4.80. Over the span of 14 hours, the token’s lowest and highest points were recorded at $3.52 and $5.13, respectively. Additionally, there has been a notable increase in trading volume within a short period, signaling heightened trader interest.

However, the MULTI price had previously declined by 50% within a month, triggered by the suspension of Multichain’s cross-chain bridges and the absence of CEO Zhao Jun, who was suspected of being under investigation by the police.

Also Read This XRP’s Bullish Trend Meets Resistance at $0.80

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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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