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 to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion. The price of its native coin Fantom (FTM) declined from $0.41 to $0.28 over the same period.

“Multichain was a big blow, Cronje wrote in a Fantom’s forum thread, adding that he “had a lot of assurances from the [Multichain] team around the server decentralization, access, and geolocation distribution. Don’t trust, verify (saying this to myself),” Cronje added.

Cronje comments follow Multichain’s announcement on July 14 that it was shutting down operations following the arrest of its CEO in May, the only person in control of Multichain’s servers.

With its leadership arrested and technical challenges mounting, Multichain was exploited on July 6, with over $125 million worth of cryptocurrencies withdrawn from multiple wallets, affecting the Ethereum side of Fantom, Moonriver and Dogechain bridges. These withdrawals represen

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Author: Ana Paula Pereira

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