The MULTI token price for the Multichain cross-chain protocol jumped 36%, despite the persistent uncertainty surrounding the project.
A few days ago, users began reporting transactions stuck in the blockchain and an inability to withdraw their funds.
The developers attributed the problems to a technical upgrade. On May 24, they said that all nodes except one were functioning normally. However the protocol’s token plunged amid the unfolding events.
Around the same time, rumours of the Multichain team’s arrest in China circulated in the community.
Mor, the company’s vice president of strategic partnerships, has been engaging with the community in recent days. It remains unclear where co-founder Zhaojun is located, The Block noted. Users are also wondering why the Multichain CEO has not been in contact.
According to CoinGecko, in the last 24 hours the price of MULTI rose 36% — from below $3.50 to $4.68. At one point the price approached $5.30.
On the project’s social-media channels, users continue to ask what the term “force majeure” means, which the team used to explain that the protocol remains in a partially autonomous state.
In the Chinese-language Multichain Telegram channel, an administrator said that they must await the “return of Zhaojun”. It is unclear what he meant by this.
Over the past week, some crypto companies and entrepreneurs have taken steps to mitigate the impact of Multichain’s problems on their operations. They include Fantom Foundation, Binance, Hashkey Group, Tron founder Justin Sun and Conflux.
According to DeFi Llama, the total value of assets locked in the protocol remains at around $1.52 billion.
The developers of Multichain previously promised compensation to users affected by the stalled transactions.