DeFi
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The director of the Fantom Foundation announced the temporary withdrawal of the fund’s funds from the liquidity pools on SushiSwap for security reasons in relations with the Multichain bridge.
Andre Cronje stated that “if something negative does happen, it will affect USDC, DAI and wBTC issued on multiple chains, and everything else does not really matter.”
According to the director, he is not particularly worried about the situation around Multichain, because the fund’s assets are protected, and the Fantom bridge is not affected.
According to The Block Research, about 38% of Fantom’s total locked value is stored in Multichain. In addition, tokens issued on Multichain account for 78% of the market capitalization of tokens on Fantom.
According to Lookonchain analysts, on May 24, the Fantom Foundation withdrew $2.4 million of liquidity from its own MULTI protocol tokens on the SushiSwap decentralized exchange, making the tokens available for sale.
On Thursday, May 25, the Binance exchange announced a temporary suspension of deposits for ten networks of Multichain bridge tokens amid uncertainty over the future of the Multichain project.
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