The team behind Multichain, which was recently shaken by the hacking incident worth over $130 million, surprisingly announced a new project called ValueRouter.
Multichain Team Announced the ValueRouter Project After the Hack Incident
This initiative, based on a similar concept to the previous project, has raised suspicion in the crypto community.
Previously known as Anyswap, Multichain facilitated seamless bridging of crypto assets between various blockchain networks.
ValueRouter offers a familiar offering, as described on its website: “Exchange any asset for any asset you want across multiple chains in a single transaction.”
👏 A salute to the former engineers of Multichain!
Even after the team's disbandment, they continue to forge ahead in Web3, bringing forth @ValueRouter .🌟 Explore https://t.co/zzp2i9nwGd for seamless bridging or cross-chain swaps among @ethereum @avax @optimismFND @arbitrum.…
— Multichain (Previously Anyswap) (@MultichainOrg) September 29, 2023
The newly announced initiative appears to empower users to transfer or swap assets between Ethereum, Avalanche, Optimism, and Arbitrum blockchains.
The ValueRouter team explains:
“ValueRouter is a unified protocol that simplifies multi-chain asset exchanges by integrating Circle CCTP and DEXs, enabling developers to build cross-chain dApps and allowing users to effortlessly route assets to any major DeFi platform.”
Working on a multi-party computation system similar to a multi-signature wallet, ValueRouter's mechanics are very similar to that of Multichain.
This unexpected move raised eyebrows in some circles, and crypto researcher ZachXBT advised the team to handle the $125 million unaccounted for before making a new venture.
Nick SR, who manages Fantom Foundation's social media, commented succinctly, “It's too early.”
*This is not investment advice.
