In short: Multichain token's price fell by 20% as rumors of the dev team's arrest in Shanghai and the CEO's disappearance roiled the market. The exact reason for the stagnation of MULTI transactions remains unclear, but the Multichain team's inability to perform server maintenance could explain it. Gate.io has denied rumors of its association with the Multichain team and its platform's bankruptcy, while analytics platform Lookonchain published an updated view of assets stored on Gate.io's platform. Multi-chain's musings sparked a decline in GT prices, following which several investors began moving funds.
Our quick analysis:
Last week, markets were in turmoil as the price of the Multichain token crashed by 20% due to failed withdrawals. The Multichain team was in a bind, with rumors of an arrest and a missing CEO. Things took a murkier turn when an unknown player transferred $2.75 million worth of MULTI to Gate.io, and a reported $10 million worth of Fantom followed suit. CoinSumption even questioned if this was an ongoing larger-scale issue.
The finger began to point at Gate.io, with some claiming the platform was connected to the Multichain team and running cover for them. But now, Gate.io has quickly extinguished all such rumors in a statement to Bloomberg. It denied involvement in the fiasco and clarified its focus on a 10-year anniversary celebration and paperwork necessary to launch its new Hong Kong focused trading platform, Gate.HK. Employees are working around the clock with withdrawals functioning properly, and there are no operational issues. Gate.io promised a series of "user campaigns" to celebrate its anniversary and tease upcoming goodies for the platform.
Meanwhile, Lookonchain decided to share an updated view of assets stored on Gate.io's platform, which includes 97M GT, 149,648 ETH, and 6T SHIB, amounting to over $1.44B in assets held across six wallets.
In conclusion, while Multichain is in hot water, there is no need for investors in Gate.io to panic or be alarmed since the platform is healthy, operational, and transparent.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Last week, markets were in turmoil as the price of the Multichain token crashed by 20% due to failed withdrawals. The Multichain team was in a bind, with rumors of an arrest and a missing CEO. Things took a murkier turn when an unknown player transferred $2.75 million worth of MULTI to Gate.io, and a reported $10 million worth of Fantom followed suit. CoinSumption even questioned if this was an ongoing larger-scale issue.
The finger began to point at Gate.io, with some claiming the platform was connected to the Multichain team and running cover for them. But now, Gate.io has quickly extinguished all such rumors in a statement to Bloomberg. It denied involvement in the fiasco and clarified its focus on a 10-year anniversary celebration and paperwork necessary to launch its new Hong Kong focused trading platform, Gate.HK. Employees are working around the clock with withdrawals functioning properly, and there are no operational issues. Gate.io promised a series of "user campaigns" to celebrate its anniversary and tease upcoming goodies for the platform.
Meanwhile, Lookonchain decided to share an updated view of assets stored on Gate.io's platform, which includes 97M GT, 149,648 ETH, and 6T SHIB, amounting to over $1.44B in assets held across six wallets.
In conclusion, while Multichain is in hot water, there is no need for investors in Gate.io to panic or be alarmed since the platform is healthy, operational, and transparent.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!