The price of the Multichain Cross-Chain Routing Protocol (MULTI) token decreased by 30% in just 24 hours on May 24, trading at $4 .97 .The huge selloff occurred after users reported delays in receiving their multichain funds due to a backend node update taking much longer than expected .
Wallet Address Activity and Rumors Add to the Turmoil
Awallet address associated with Fantom Foundation, which is a layer-1 blockchain developer, allegedly removed MULTI tokens worth $2 .4 million from liquidity on decentralized exchange SushiSwap during the same period .Additionally rumors circulated, with one tweet even suggesting that the Multichain team had been arrested by Chinese police, controlling $1 .5 billion of contract funds .These factors likely contributed to the heightened selling pressure .
Multichain’s Past Successes and Recent Funding
Founded in Singapore in July 2020 to address the need for inter-blockchain communications, the Multichain protocol has achieved a total blocked value (TVL) of over $1 .59 billion .At its climax in early 2022, the TVL reached $10 .5 billion before the onset of the bearish cryptocurrency market . In December 2021 Multichain ensured $60 million in a seed funding round led by Binance Labs .Recently the company promised a $100 million ecosystem fund to hasten native multichain projects , demonstrating their commitment to even further improvement and development .
Empowering Crypto Adoption Across the Region
The digital asset platform Bitfinex has set its sights on Latin America and unveiled an exciting partnership with a local exchange as part of its mission to drive broader adoption in the region .
With the recent investment in OrionX one of Chile’s leading cryptocurrency exchanges, Bitfinex aims to support local education programs, fostering financial freedom and inclusion . This move comes hot on the heels of Bitfinex Securities El Salvador securing an operating license from the National Commission for Digital Assets and enables the issuance and trading of secondary assets that comply with local regulations .
In their dedication to empowerment, Bitfinex also sponsored a three-week coding boot camp for women in Paraguay . It’s clear that Latin America has captured the attention of foreign investors, with the region constituting 9 .1% of the global value of crypto received in 2022 as stated by the Chainalysis Global Adoption Index . Notably five Latin American countries ranked among the top thirty that include Brazil, Argentina, Colombia, Ecuador and Mexico .
You may be interested in:
NinjaTrader Review 2023: Pros and Cons of the Trading Platform
