Multichain Protocol Faces Turbulence as Major Players Make Strategic Moves

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Sun, 04 Jun 2023, 01:22 PM
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Multichain Protocol Faces Turbulence as Major Players Make Strategic Moves

Recent Transaction Speed Issues Trigger Significant Token Movements

Thu, 25 May 2023, 14:17 pm UTC

In recent times, the Multichain protocol has encountered turbulence due to hiccups in transaction speed, prompting notable players in the cryptocurrency sphere to take intriguing steps.

The Fantom Foundation, a prominent contributor to the crypto ecosystem, has withdrawn a substantial $2.41 million worth of the native MULTI tokens from the decentralized platform SushiSwap. Blockchain investigators at Lookonchain have recorded this transaction, raising speculation that these tokens might soon enter the market for sale.

Simultaneously, the HashKey Group, a Chinese powerhouse in the crypto investment domain, has opted to transfer a significant $250,000 to Gate.io, a well-known crypto exchange. This move was observed by Arkham Intelligence, a renowned group of cryptocurrency sleuths.

Adding to the commotion, Justin Sun, the mastermind behind the Tron project, has extracted a substantial 470,000 units of the stablecoin USDD directly from the core of the Multichain protocol. This detail was brought to light by Lookonchain, the same blockchain watchdogs mentioned earlier.

The root cause behind this unsettled landscape stems from Multichain users experiencing slow transactions over the past few days. However, the protocol insists that the current delays are merely a temporary side effect of an ongoing upgrade process. They clarify that only one more digital 'router' requires enhancement before normal functionality is restored.

Multichain has committed to compensating any users who have experienced difficulties during this tumultuous period. Although a formal compensation plan has yet to be announced, the promise signifies an intent to address and rectify the situation. Despite the challenges, the cryptocurrency world continues to be a dynamic space, constantly evolving and resilient.

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