CRYPTO NEWS. FUD happening on Fantom this weekend.
17 Jul 2023, 06:24
📢CRYPTO NEWS
FUD happening on Fantom this weekend. 😨
Last week, nearly 120 million US dollars of funds on Multichain have moved abnormally. The official stated that the CEO Zhao was arrested by the Chinese police and could not operate normally. This has seriously affected protocol related to Muiltchain. Among them, the most influential one is Fantom.
According to our research, nearly 35% of TVL on Fantom is locked🔒 in Multichain and Multichain issued 458 million stable tokens, accounting for 81% of Fantom’s total stable tokens value. Last week, the number of active addresses on Fantom has decreased by nearly 60%. The TVL reduced from $160m to $68m.
The Fantom Foundation recently stated that it will discuss with Circle and Tether whether it can do anything about the frozen funds. However, the Foundation is pessimistic about it. If lost funds can’t be returned, it will be difficult for Fantom to get out of the mud.