Rumors prompt panic over $1.5B blockchain bridge Multichain


Worries about the stability of Multichain and its total value locked (TVL) of $1.5 billion, sparked a major sell-off of the project’s token, MULTI, yesterday.

The panic was triggered by a tweet claiming that users were reporting delays in receiving assets across the bridge and that an insider was dumping tokens. 

A transfer of almost 500,000 MULTI (worth approximately $3.2 million at the time) was made from an address suspected to be either a Multichain team member or an investor. The tokens, which hadn’t been touched since they were first received over a year ago, were sent to the centralized exchange, where users inferred they would be sold off.

The tweet was then reported by a Chinese-language account, which…

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