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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied SpiritSwap, a decentralized exchange (DEX) on Fantom, will cease operations from Sep.1, roughly 828 days after launching. The announcement follows the Multichain hack which depleted SpiritSwap’s treasury, making it impossible for the DEX to fund essential
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SpiritSwap, a decentralized exchange (DEX) built on smart contract platform Fantom, will wind down operations from Sept. 1, citing exposure to troubled Chinese cross-chain protocol Multichain.In the Aug. 9 announcement via Discord, developers revealed that the Multichain hack left SpiritSwap's entire treasury drained and, therefore, "without the means to finance
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An Ethereum wallet funded by a beneficiary of the Multichain exploit has sold $1.8 million worth of WOO Network (WOO) tokens on Uniswap, causing the price to slump by 8%. Original Source
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The year 2022 was not a very good year for Cosmos and its vision of inter-blockchain communications (IBC). The collapse of the Terra Luna ecosystem (the biggest protocol on Cosmos at the time), tension between co-founders and a fall in the token’s price all cast a shadow on its future
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Hector Network is the latest project to have been affected by the Multichain shutdown. The majority of votes move to liquidate assets The Hector Network, a team behind a decentralized finance (defi) project on the Fantom ecosystem,
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Hector now plans to redistribute the proceeds of its treasury to HEC holders proportionally and based on their positions as of July 14. The final amount distributed could be lower than $16 million, as “all contractual, statutory and other legal obligations, including costs of the liquidation, must be fully settled”
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Fantom's co-founder Andre Cronje classified Multichain's debacle as a "big blow" to the smart contract platform, which saw a sharp decline in activity in the past weeks as a result of Multichain's problems. According to data from DefiLlama, Fantom's total value locked (TVL) dropped from over $364 million in early May
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Multichain will be shutting down services as a result of the CEO “being taken away by the police” and the issues the team has faced afterwards. Multichain unable to access funds Multichain, a cross-chain protocol formerly known as
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Geist Finance has decided not to reopen after Multichain’s confirmation that the funds will remain unrecoverable. The unavailability of accurate valuation for Multichain assets due to the Chainlink oracles tracking real USDC, USDT, WBTC, or ETH
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Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms
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