Multichain Makes a Comeback? Arigatou
The Multichain development team has announced a "rebirth" of the project under a new name.
Multichain Makes a Comeback?
In their latest post from the official Multichain X account, the development team revealed plans to relaunch cross-chain technology on their existing platform, now rebranded as "ValueRouter."
? A salute to the former engineers of Multichain!
Even after the team's disbandment, they continue to forge ahead in Web3, bringing forth @ValueRouter.
? Explore https://t.co/zzp2i9nwGd for seamless bridging or cross-chain swaps among @ethereum @avax @optimismFND @arbitrum.…
— Multichain (Previously Anyswap) (@MultichainOrg) September 29, 2023
Essentially, ValueRouter incorporates all technological aspects of Multichain. However, it has faced significant controversy regarding whether it can ensure asset control by a single entity, which was a primary cause of Multichain's dissolution. The project is also alleged to have mismanaged a substantial amount of funds, up to $130 million.
Read more: What is Arken Finance?
On-chain investigator ZachXBT commented directly under the post:
"There should be concerns about the $125 million taken before deploying something new."
should maybe worry about the $125M that’s missing before launching another one @inversebrah
— ZachXBT (@zachxbt) September 29, 2023
ZachXBT continued:
"Don't forget the detail that the team didn't clarify publicly about how the keys were held by one person.
Their documentation previously denied this (clearly a lie)"
You missed the part where their team mislead the public about how the keys were controlled by one person.
Their documentation said this was not the case (complete lie)
— ZachXBT (@zachxbt) September 29, 2023
Overall, Multichain's return has not garnered much community support, with opinions suggesting it may still be too early for the project to be truly ready.
My understanding of the story (which may be totally wrong) is the CEO (&maybe sister?) rugged the protocol. So the engineers/marketing team/everyone else were rugged of their jobs when the CEO rugged. Not communicated well AT ALL, but I think that is the case?
— OvΞrKoalafied | Smooth Brain Capital (@Ov3rKoalafied) September 29, 2023
Updating the timeline, Multichain officially ceased operations after confirming CEO Zhaojun's arrest by Chinese authorities. At that time, the project stated:
"Due to lack of sufficient information and updates on the current status of the project's operating funds, the team has been forced to officially cease operations."
According to reports, the CEO also held all user assets and company operating funds. Therefore, plans for compensating users remain uncertain.
The price of the MULTI token from Multichain has shown minimal fluctuation despite news of this cross-chain connectivity revival under a new name.
4-hour chart of MULTI/USDT pair on Binance at 01:50 PM on September 29, 2023
