ValueRouter Emerges as a Ray of Hope: Former Multichain Developers Tackle the Chaos of Cross-Chain Asset Swaps
The announcement of ValueRouter has ignited a mixed reaction within the crypto community.
???? A salute to the former engineers of Multichain!— Multichain (Previously Anyswap) (@MultichainOrg) September 29, 2023
Even after the team's disbandment, they continue to forge ahead in Web3, bringing forth @ValueRouter .
???? Explore https://t.co/zzp2i9nwGd for seamless bridging or cross-chain swaps among @ethereum @avax @optimismFND @arbitrum.…
Some perceive it as a testament to resilience and continuity, demonstrating that the spirit of innovation persists even in the face of adversity. However, skeptics like crypto investigator ZachXBT argue that the $125 million still missing from Multichain should be the foremost concern before embarking on a new venture.
should maybe worry about the $125M that’s missing before launching another one @inversebrah— ZachXBT (@zachxbt) September 29, 2023
Nick SR from the Fantom Foundation echoes these sentiments, cautioning that perhaps it's "too soon" to move on from the Multichain debacle.
Too soon.— Nick.ftm (@Nick_SR5) September 29, 2023
To shed light on the Multichain ordeal, it's crucial to note that CEO Zhaojun had been in the custody of Chinese authorities since late May. During this time, his devices and recovery phrases were confiscated. However, his family managed to access the cloud server platform, reportedly utilizing data from his home computer. This access permitted a limited window for the team to address specific technical issues.
Although it was clarified that Zhaojun had no direct involvement in the unauthorized withdrawals due to his incarceration and the police's control over server access, the repercussions were felt by numerous users. Tokens affected by these substantial withdrawals lacked collateral, leaving many in a precarious situation. As of now, there is no word from the Multichain team regarding compensation for the affected users.
In response to the July Multichain exploit, the Fantom Foundation acted swiftly to address concerns and safeguard its community. Collaborating with TRM Labs, a leading blockchain intelligence firm, they are conducting an independent investigation. This endeavor ensures that user privacy remains intact, with personal data inaccessible to TRM.
Fantom Foundation Statement on Multichain Incident pic.twitter.com/K4RtpTXzuw— Fantom Foundation (@FantomFDN) September 29, 2023
As the crypto world continues to evolve and adapt to unforeseen challenges, ValueRouter's emergence signals a determined effort to simplify the intricate web of cross-chain asset swaps. However, the crypto community remains divided, with some urging a focus on resolving the past before forging ahead into the future. Only time will tell whether ValueRouter can bridge the gap and restore faith in the ever-volatile world of cryptocurrencies.