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The incident in the Multichain protocol provoked a real shock in the crypto segment. About $1.8 billion in multi-chain wallets have been blocked. There are also rumors that the Chinese authorities have arrested members of the Multichain team and law enforcement has taken control of the wallets. Of the $1.8 billion Total Value Locked (TVL) of Multichain, the Fantom chain remains the most affected with 36.7%.
At the moment, the total assets on the Fantom blockchain are $1.66 billion, and almost 40% of these assets have been wrapped in Multichain. It is worth noting that Multichain is one of the largest blockchain bridges in the crypto space. It facilitates exchange operations between multiple blockchains. It is used by major platforms including Binance Chain, Polygon, Avalanche, and Ethereum.
Multichain is also the official gateway for the Fantom blockchain, which supports smart contracts. Journalist Colin Wu noted: “The main stablecoin based on Fantom has a capitalization of $191 billion. At the same time, assets worth $82 million are mainly issued by Multichain.”
It is noteworthy that Fantom representatives reported that their multi-chain bridge is operating normally. As a precautionary measure, the Fantom fund withdrew its funds from liquidity pools on Sushiswap. As of May 24, MULTI tokens were withdrawn in the amount of $2.4 million.
Earlier, the Crypto.ru team informed: recently, entrepreneur Charles Hoskinson noted that the growing decentralization of Cardano is becoming a wake-up call for the entire digital asset industry. The expert also stressed that his project continues to develop dynamically, despite criticism. Hoskinson believes that Cardano is becoming more centralized and has a lot of influence in the cryptocurrency space.
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