- Multichain experiences significant outflow of $125 million in assets.
- Fantom Bridge witnesses drain of $122 million from diverse portfolio.
- FTM token holders reassured of independence from Multichain challenges.
In a surprising turn of events, Multichain recently experienced a significant outflow of $125 million in multichain assets from its cross-chain protocol. The Fantom Bridge was particularly affected, witnessing a substantial drain of $122 million from its diverse portfolio of wBTC, USDC, USDT, and various altcoins. As a result, the platform has decided to suspend its services temporarily.
Concerns arose when funds from the Multichain MPC address were observed being transferred unusually to an undisclosed destination. Once the situation stabilized, Multichain promptly communicated with its user base via Twitter. The team urged users to exercise caution, suggesting refraining from utilizing Multichain services and revoking any contract approvals associated with Multichain.
In addition to the recent turmoil, Multichain has been contending with technical hiccups and the notable absence of its CEO, which has garnered attention and sparked conjecture regarding a potential security breach.
In addition, renowned crypto analyst Colin Wu has highlighted an intriguing phenomenon within the crypto space. It has come to attention that users have been utilizing DLN Trade to exchange assets on the Fantom chain with assets on different chains, availing themselves of a discounted rate.
This action resulted in an approximate 10% reduction, as Fantom 1 USDC was converted into BSC 0.9 USDC, Polygon 0.88 USDT, and other similar conversions. Furthermore, Binance suspended the deposit and withdrawal services for eight altcoins associated with Multichain, indicating the emergence of potential issues.
Fantom’s unwavering resolve amidst turbulence
In light of the challenges faced, Fantom Foundation has proactively addressed concerns of FTM token holders by delivering a reassuring message. Their resolute statement unequivocally elucidated that FTM tokens on platforms such as wFTM, ERC-20, and Opera remain completely independent from Multichain, instilling confidence within the crypto community.
The assurance provided is closely tied to concerns regarding the potential repercussions of Multichain’s challenges on FTM tokens. This development has notably strengthened investor trust and emphasized the robust and self-governing characteristics of the FTM ecosystem.
The Fantom Foundation’s unwavering dedication to transparency is highly commendable. The foundation promptly addressed investor apprehensions in uncertain circumstances, showcasing its strong commitment to fostering trust and cultivating a resilient community. Consequently, FTM token holders can find solace in the fact that their assets remain impervious to the challenges faced by Multichain, reaffirming the foundation’s steadfastness in safeguarding their investments.
The Fantom Foundation remains steadfast in its commitment to delivering a robust and high-performing blockchain platform. It’s unwavering dedication and resilient response to adversities serve as a testament to the formidable strength of the FTM ecosystem amidst turbulent times.
FTM/USD Market Update
Regrettably, bearish traders took advantage of the cautious market sentiment, resulting in a significant decline in the FTM price. Within 24 hours, the price dropped from a high of $0.3074 to a low of $0.2613 over seven days. Should the support level at $0.2613 fail to hold, the next level of defense can be found at $0.2500. If bullish traders regain control, they may encounter resistance at $0.2800 and $0.2900.
Nevertheless, the market capitalization of FTM experienced a decline of 10.56%, amounting to $753,979,964. Conversely, the trading volume within 24 hours witnessed a remarkable surge of 203.21%, reaching $230,070,287. This substantial increase in trading activity indicates a heightened level of interest in FTM and suggests the possibility of significant price fluctuations.
To conclude, Fantom’s unwavering resilience in the face of market turbulence is a testament to its robustness, bolstering investor trust and underscoring the formidable nature of the FTM ecosystem.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
