Last night, the native token of the cross-chain bridge Multichain (MULTI) experienced a significant decline of 20%, dropping from $7 to $5.63. This decline occurred amidst users’ grievances regarding stuck transactions on the cross-chain bridge protocol
Despite underperforming in recent weeks, the price of the Multichain (MULTI) token experienced a drastic drop of over 37% this week, plummeting from $7.9 to 4.87. Furthermore, the monthly candle reveals a significant loss of 44% thus far.
At the time of writing, the Multichain (MULTI) token is currently trading at the $4.9 mark, as reported by CoinMarketCap.
Why did Multichain see a huge drop this week?
The decline comes from May 21 when user complaints about transfers and stuck transactions flooded MultiChain’s Telegram group on Sunday, signaling the onset of the issue. Multichain has attributed the difficulties to an ongoing upgrade and the delayed updates to nodes responsible for cross-chain routers.
According to Multichain, “The upgrade of the back-end node is taking longer than expected. Most of the routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are suspended temporarily for now. All the affected transactions will arrive once the upgrade is complete.”
In addition, in a tweet on Wednesday, WhaleChart, a prominent news-focused Twitter account boasting nearly 400k followers, claimed that Chinese police have detained members of the Multichain team. As of now, Multichain has not addressed these rumors on any social media platform.
Amidst swirling rumors of the Multichain team’s alleged arrested by Chinese authorities, on May 24, certain team members purportedly transferred 494,200 MULTI tokens from the team address.
Also Read: Multichain Unveils Official veMULTI Mainnet
