Fantom Trying to Recover Multichain Assets, Andre Cronje Says

After the team of cross-chain bridge Multichain announced that the project ceased operations, Andre Cronje, co-founder of Fantom, said on the forum that the Multichain incident was "a big blow", and the Fantom team was trying to recover the assets.

Cronje said, "Multichain was a big blow, we had a lot of assurances from the team around the server decentralization, access, and geolocation distribution. Don’t trust, verify (saying this to myself).

"We are exploring all options at this point, working with relevant organizations to try and recover assets. Beyond that also looking into other backstops or helping recovery, even using foundation treasury. Until we have more data we just can’t give any hard confirmations. We won’t leave this as is though, we will do everything in our power to make everyone whole.

"We are also continuing to engage with Circle, Tether, TrueUSD, Binance, etc for native issuance, and reviewing rollups for native bridge infrastructure. When we have more verifiable information we will propose an action plan."

Related: Multichain CEO Taken Away by Police, Bridge Ceases Operations due to Lack of Funds

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.