The altcoin named Multichain (MULTI) listed on Binance has experienced a sharp decline after the allegations about it in the past weeks.
There were allegations that the Chinese police arrested the Multichain team and confiscated their funds worth $1.5 billion.
After these news, the price of MULTI decreased from approximately $ 8 to $ 3.2.
"CEO Unreachable!"
After these events, the team shared on its twitter account on the last day of May that they did their best to keep the protocol operational, but they could not reach CEO Zhaojun, who had the necessary server access for maintenance.
The team also stated that they have decided to temporarily suspend the cross-chain service for affected chains in the UI to protect the interests of users.
"Multichain Services Restarted!"
However, Bobie, the founder of Web3 protocol 0xScope, claimed in a post today that some Multichain cross-chain bridge services are restarting, including Zksync Era, Kava EVM and Avax C-Chain.
In support of these claims, Bobie shared screenshots of transactions on Zksync Era, Kava EVM and Avax C-Chain.
https://twitter.com/0xBobie/status/166565082250104833
Why is MULTI Price Rising?
While uncertainties continued on the MULTI front, Multichain's native token MULTI increased by approximately 40%.
With this increase, MULTI, which went from $ 3.52 to $ 5.20, experienced a pullback.
The source of the rise in MULTI, which was trading at $ 4.46 at the time of writing, was evaluated as the resumption of some Multichain cross-chain bridge services, including Zksync Era, Kava EVM and Avax C-Chain.
There was a similar increase in the price of MULTI a few days ago.
Experts reminded that there were similar moves in the LUNA collapse after this rise, and recommended to be careful against manipulative price movements in MULTI until the accuracy of the claims and the fate of the founders are learned.
*Not investment advice.
