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- Recently, the official Twitter account of Multichain has remained quiet.
- Previously, the MULTI price experienced a decline of 50% over the course of a month.
On-chain analysts confirmed on June 5 that transactions on the Multichain protocol were occurring, indicating the reactivation of certain cross-chain bridges. Tung Dinh, Vice President and administrator of Multichain, has confirmed that router2 is back in operation. Following reports from users about receiving cross-chain payments, the price of Multichain’s native token, MULTI, surged by 40% within hours.
On June 5th, Bobie, the founder of the Web3 knowledge graph protocol 0xScope, tweeted that Zksync Era, Kava EVM, and Avax C-Chain are among the Multichain cross-chain bridge services that have resumed functionality. He also debated the release of Zhao Jun from prison, who is the CEO and co-founder of Multichain.
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Additionally, he shared transaction screenshots from Zksync Era, Kava EVM, and Avax C-Chain, which may suggest that the cross-chain bridge services of Multichain have been reinstated. The official Multichain Twitter account, meanwhile, has been silent as of late.
Furthermore, Salience reported that router2 for Multichain has been reinstated. This indicates that the crucial bridges are functioning well and can continue to operate normally. The network administrator has reassured everyone that the router is in good condition.
MULTI, the native token of Multichain, has seen a 40% increase in price; however, there was a slight correction, and it is currently trading at $3.97 according to CMC. Moreover, trading volume has spiked within just a few hours, indicating a rise in investor interest. After Multichain suspended cross-chain bridges and CEO Zhao Jun went missing amid an investigation, the price of MULTI had plummeted by 50% over the previous month.
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