According to Wu Blockchain, a cross-chain bridge of the Multichain protocol, has resumed operations on June 5th, according to on-chain experts confirmed by the cryptocurrency community. Following this news, the price of the MULTI token surged nearly 40% within a few hours.
In a Twitter post on June 5th, Bobie, the founder of the Web3 0xScope protocol, revealed that some cross-chain bridge services of Multichain, including Zksync Era, Kava EVM, and Avax C-Chain, are now back in operation. In his tweet, he also raised questions about whether Zhao Jun, the CEO of Multichain, had been released from rumored arrest.
Screenshots of transactions on Zksync Era, Kava EVM, and Avax C-Chain showcased Multichain’s continued functioning of the cross-chain bridge features of the protocol. However, Multichain has not yet made any official announcements on social media.
Meanwhile, Salience, the administrator of Multichain’s Telegram channel, shared that the protocol’s routing engine is now back online. They affirmed that the bridges will operate as usual.
Following the news of the resumption of operations, the price of the Multichain protocol’s MULTI token reacted positively. Currently, MULTI is being traded at $4.52, marking an increase of over 20% in the past 24 hours, according to TradingView.
On May 24th, the cryptocurrency community was abuzz with the news of the Multichain team being apprehended by Chinese authorities, with assets worth $1.5 billion seized. By the evening of May 31st, the Multichain developers announced on Twitter that they would temporarily halt the cross-chain routes as they couldn’t maintain some bridges without CEO Zhao Jun’s access.
During that period, the price of MULTI plummeted by 30%, from $7 to approximately $5, as users expressed concerns about transaction congestion on this cross-chain bridge protocol. In response to the negative news, the Fantom Foundation withdrew $2.4 million in MULTI liquidity from the decentralized exchange SushiSwap. The Chinese crypto investment firm, HashKey Group, also transferred $250,000 to the Gate.io exchange.
Source: https://azcoinnews.com/multichains-cross-chain-bridges-back-in-action-multi-token-surges-40-in-hours.html
