Breaking: Multichain Resumes Cross-Chain Bridges, MULTI Price Soars 40%

Some cross-chain bridges of the Multichain protocol are back online as on-chain experts confirmed transactions happening on the protocol on June 5. Multichain VP Tung Dinh and admin also confirmed that Multichain’s router2 is back, indicating that the core part of the bridge is operating normally.

Multichain’s native token MULTI price skyrocketed by 40% within hours as some users said they have received cross-chain funds.

Multichain Protocol Resumes Cross-Chain Bridges

Bobie, founder of Web3 knowledge graph protocol 0xScope, took to Twitter on June 5 to reveal that some Multichain cross-chain bridge services including Zksync Era, Kava EVM, and Avax C-Chain have resumed. He claims whether Multichain co-founder and CEO Zhao Jun is unjailed.

He also shared screenshots of transactions on Zksync Era, Kava EVM, and Avax C-Chain, suggesting that Multichain has resumed cross-chain bridge functions. However, Multichain’s official social media account did not release any updates.

Seems Zksync Era/Kava EVM/Avax C-Chain Multichain service is back in action!👏

Zhao Jun unjailed? pic.twitter.com/cL3oD5YELU

— Bobie(🪬.🪬) (@0xBobie) June 5, 2023

Meanwhile, Salience shared that Multichain’s router2 is back online. It indicates the core bridges are fine and should work normally. The admin of the group confirmed the router is working normally.

[30 MINUTES DELAYED] multichain's router2 is back on, suggesting a core part of the bridge is fine pic.twitter.com/CRvuzvqBXn

— salience (@saliencexbt) June 5, 2023

Crypto exchange Binance suspended deposits for bridged tokens related to Multichain. Binance suspended deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. Fantom was impacted significantly by the suspension of Multichain cross-chain bridge services.

Also Read: Multichain Suspends Cross-Chain Services, Fails To Contact CEO

MULTI Price Soars 40%

Multichain’s native token MULTI jumps 40%, with the price currently trading at $4.80. The 14-hour low and high are $3.52 and $5.13, respectively. Furthermore, the trading volume has increased within a few hours, indicating rise in interest from traders.

MULTI price fell 50% in a month after Multichain suspended cross-chain bridges and CEO Zhao Jun remained missing and suspected of being investigated by the police.

Also Read: Here’s Why Terra Luna Classic (LUNC) Price Skyrocketed 35%, More Rally Ahead