- Users complain about transaction delays in the protocol
- Trouble has arisen due to long updates
- The team says all funds are secure
The Multichain (MULTI) token is losing more than 20% of its value. This is due to the transaction delay in the protocol.
Users claim that the claimed bridge upgrade delays transactions. The team reports that an update is in progress and customer funds are perfectly safe.
MULTI is currently down about 27%, down from about $7.10 to $5.12
Customers complained about problems with the protocol back on May 21.. Multichain, for its part, claims that the difficulties were due to a long update and delayed router updates.
The company said in a statement:
“The update is taking longer than expected. Most routes work as usual, some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended.
All violated transactions will arrive after the update is complete. There is only one router left in the upgrade process.
The other 6 routers work fine. All funds are secure and transactions will go through when the upgrade happens.”
Analytics company Lookonchain has discovered several organizations that are transferring their tokens to cryptocurrency exchanges.
One investor sent 494,200 tokens totaling $2.75 million to the Gate.io exchange.
“Fantom Foundation wallet withdrew $449,740 $MULTI ($2.4 million) from liquidity on Sushiswap 30 minutes ago. High probability of a sale!” – wrote Lookchain on Twitter.