Sunday, June 4, 2023

Multichain Commits to Compensating Users Affected by ‘Force Majeure’ Occurrence By CoinEdition


Multichain Commits to Compensating Users Affected by ‘Force Majeure’ Occurrence
  • Multichain’s cross-chain routes experience unusual delay.
  • The team addressed the cause of the unavailability as “force majeure.”
  • Mutlichain assured to compensate users who were affected.

Multichain, a cross-chain protocol that was previously known as Anyswap, has committed to compensating affected users following a “force majeure” incident that has resulted in the unavailability of certain cross-chain routes.

The team addressed the fact that, even though most of the cross-chain routes are functioning normally, some of them are unavailable. Additionally, they mentioned that the exact time for resuming their services is unknown.

Multichain also assured that the pending transactions would be credited automatically after the service was restored. Users who were affected during this process will also receive compensation, according to the tweet.

The team has indicated that they will provide further information regarding the compensation plan in the future. On May 23, in an operational update, they acknowledged the issue, stating that the upgrade to a back-end node was taking more time than originally anticipated.

The news also comes at a time when rumors are spreading about Multichain. Reports have surfaced regarding rumors of the team behind the protocol being arrested in China. A Twitter user with the handle “0xfleet” claimed that the alleged arrest was linked to the illicit use of funds in past multichain transactions. On-chain analyst, Lookonchain also shared data depicting a potential sell-off. According to the data, the Fantom Foundation Wallet removed 449,740 MULTI from liquidity on Sushiswap on May 24.

In response to the delay in transactions, the price of MULTI has dropped by over 21% in the last 24 hours. MULTI is down by 35% in the last seven days, according to CoinGecko data. At press time, it was trading at $5.18, down from a 24-hour high of $6.55.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Multichain Commits to Compensating Users Affected by ‘Force Majeure’ Occurrence appeared first on Coin Edition.

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