DeFi protocols on the Fantom ecosystem are taking precautionary steps due to Multichain’s mounting bridge crisis and absent CEO. Almost 40% of cryptocurrencies on Fantom arrived through Multichain’s bridges, highlighting the importance of stabilizing this infrastructure to prevent potential decrease in value or isolation of wrapped assets.
Search Results for: Fantom Foundation
Fantom’s dApp Gas Monetization Program: Boon for Developers or Financial Risk?
Fantom has implemented a “dApp Gas Monetization Program” to reward projects using its network and contribute to gas fee usage. Eligible applications will receive 15% of gas fees generated, encouraging high-demand application development and fostering a thriving ecosystem on Fantom’s blockchain platform.
Multichain Rug-Pull Incident: Impact on Fantom Blockchain and Crypto Market Safety
A recent rug-pull incident involving the Multichain protocol has locked $1.8 billion in multichain wallets, impacting the Fantom blockchain significantly. Unconfirmed rumors suggest Chinese authorities arrested Multichain team members, with assets on the Fantom blockchain currently at $1.66 billion. This highlights the importance of vigilance and thorough research before committing to crypto investments.
Navigating Crypto-Waters: Blockchain Prospects Amid Rising Security Concerns
“Cybercriminals exploited a recent multichain attack to initiate a fake Twitter scheme linked to the distribution of Fantom’s FTM tokens. While the blockchain holds transformative potential, these incidents underline the need for cautious handling of links and emphasize the importance of cybersecurity in the digital asset realm.”
Multichain Exploit Sees $130 Million Go Missing: A Cautionary Tale for Crypto Bridging Services
“Reports from Multichain developers confirm an exploit that affected $130 million in user tokens, urging users to halt any use of its service. The news affected Multichain’s MULTI tokens that dropped 13% within 24 hours. Bridge-based crypto exploitations have reportedly caused the disappearance of an estimated $2.66 billion in the last few years.”
Cryptic Outflows in Multichain: Unraveling the Mystery of the $120 Million Token Exodus
Multiple bridge contracts run by Multichain encountered significant outflows involving widely held tokens. The Fantom bridge was nearly emptied, surpassing $120 million in total value. The unexpected withdrawals created concern across social media, with some suspecting a potential digital intrusion or ‘hack’. Cryptocurrency projects are reassuring communities about this potential exploit.
Gate.io vs Bankruptcy Rumors: Unraveling Multichain’s Impact on Crypto Exchanges
Rumors of bankruptcy surrounding major crypto exchange Gate.io, connected to the troubled cross-chain protocol Multichain, have alarmed investors. Gate.io threatens legal action against rumor spreaders, while recent events suggest a possible recovery for Multichain, with some cross-chain bridges back online.
Multichain’s Missing CEO: Decentralization Debate Rages Amid Arrest Rumors and Technical Issues
Cross-chain protocol Multichain faces challenges as the team cannot locate its CEO, leading to arrest rumors in China. Technical issues and delayed transactions ensue across multiple cross-chain bridges, highlighting the protocol’s dependence on a single person, contradicting decentralization principles.
Debating Multichain’s Safety: How Crypto Bridges Impact Markets and Trust in Blockchain Technology
Growing concerns over Multichain’s safety and technical issues have prompted key players to strengthen defenses, highlighting potential risks crypto bridges pose beyond hacks. Wrapped USDC tokens on Fantom lost their dollar peg, while bridging protocols like Squid Router reported increased activity. The situation emphasizes the need for transparency and communication in the crypto landscape.
Binance Suspends Deposits for 10 Bridged Tokens: Addressing Risk or Fueling Uncertainty?
Binance suspended deposits for ten bridged tokens due to delayed transactions and uncertainty surrounding the Multichain protocol. The ongoing issues and lack of explanation by the Multichain team have sparked concerns among users. This event highlights the importance of transparency and communication within the crypto industry, as unexpected situations impact users’ investments.
Binance Suspends Deposits Amid Multichain CEO’s Disappearance: Implications & Safety Concerns
Binance has temporarily suspended deposits for several bridged network tokens related to Multichain, awaiting clarification from the team amid reports of CEO Zhao Jun’s disappearance and possible police investigation. User assets and individual safety remain concerns as the market anticipates further information.
Asian Markets Open: Bitcoin in Red Amid Debt Ceiling Woes and Crypto Regulation Uncertainty
Bitcoin dips below $26,500 support amid debt ceiling stalemate, inflation, and crypto regulatory concerns. Ether and major cryptos also decline, while experts highlight shifting market risks and the convergence of crypto and traditional finance regulations.
Google Cloud Dives Deeper into Blockchain: Expanding Services, Fuelling Debates
Google Cloud is intensifying its blockchain involvement by adding 11 new blockchains to BigQuery, aiding users in querying on-chain history off-chain, and understanding asset flow and smart contract interaction. However, this move also centralizes access to blockchain data, possibly contradicting the crypto world’s decentralized ethos.
Sushi’s Blockchain Leap: Breaking Boundaries or Overextending its Reach?
Decentralized exchange Sushi is extending its services to non-Ethereum Virtual Machine compatible blockchain, Aptos, marking a major development. This strategic move could potentially attract fresh capital towards Aptos while enhancing cross-chain trading experiences and opening up new possibilities for liquidity across major blockchain networks.