Wallet Linked to Multichain Witnesses Another Large Transfer

In the early hours of July 23, a wallet associated with the Multichain bridge experienced another significant transfer. Assets worth approximately $14 million were withdrawn from the wallet, consisting of various token formats.

Details of the Transaction

According to FTM Scan, the transaction began with the transfer of 299.3 FTM to the wallet "0x1e...477b" to cover gas fees. Subsequently, this wallet moved tokens such as fUSDT, USDC (in Multichain's wrapped format), DAI, and Wrapped BTC to a new address, "0x63...80ef".

Interestingly, "0x1e...477b" is the same wallet that was used to withdraw $120 million from Multichain in a mysterious transaction on July 10. Multichain had previously indicated that this transaction could have been executed by the sister of CEO Zhaojun. However, this individual was reportedly detained by Chinese authorities on July 13. Therefore, the entity behind the recent transfer from "0x1e...477b" on July 23 remains unclear.

Impact on the Multichain Ecosystem

The ongoing issues surrounding Multichain are causing significant concern, particularly because the project holds a substantial portion of assets locked within the Fantom ecosystem. Following the recent events, several figures involved in building the Fantom ecosystem have attempted to reassure users.

Andre Cronje commented that the collapse of Multichain is a significant shock for Fantom, but the ecosystem is actively collaborating with entities such as USDC and Tether to recover some of the lost assets.

Additionally, although no formal report has been issued, a message from Michael Kong (CEO/CIO of Fantom Foundation) is circulating within the community, suggesting that Fantom's Treasury maintains a balance exceeding $150 million.

Current State of Fantom Ecosystem

Data from DeFiLlama indicates that the Fantom ecosystem is experiencing a severe decline in Total Value Locked (TVL) on the network. At the time of writing, this figure is hovering around $90 million.

The largest project on Fantom by TVL, SpookySwap (with $25 million), has also addressed rumors of its departure from the ecosystem. A representative of the DEX clarified that they intend to "maintain their relationship with the Fantom community for the long term."

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