Multichain MULTI

Multichain was a cross-chain router protocol that connected assets across blockchain networks. Launched as Anyswap in 2020 and rebranded to Multichain in 2021, it became one of the most widely used bridges in DeFi, supporting dozens of networks and processing large cross-chain volumes at its peak.

The July 2023 collapse#

The protocol is no longer operating. In mid-2023 it emerged that operational control of Multichain's servers and keys rested solely with its CEO, who had been detained by authorities in China. In early July 2023 roughly $126 million in user assets left Multichain's bridge contracts in unexplained withdrawals, and on 14 July 2023 the team announced it was ceasing operations because it could no longer access the protocol's servers or funds. The protocol has not operated since, and assets left in its bridges have not been recovered.

What this means for the MULTI token#

The MULTI token continues to exist and trade on secondary markets, but there is no functioning protocol, product, or active team behind it. Its governance function is defunct, and there is no announced path to restarting the protocol or recovering bridged assets. The token's price reflects speculative trading rather than an operating project.

Multichain is available to trade on Penning because it remains on our platform's supported-asset list, but you should treat MULTI as the token of a defunct project: it derives no value from an active protocol, and the total loss of any amount invested is a realistic outcome. Consider this carefully before trading, and see the risk warning below.