$FTM is at risk of a massive sell-off following the Multichain situation
This scenario has become particularly alarming in light of the recent news surrounding Multichain. Although details are limited at the time of writing, there are reports suggesting potential legal issues involving the Multichain team. Any disruption to Multichain's operations could have severe repercussions for Fantom, given their intertwined financial relationship.
Despite the uncertainty, most chains within Multichain are operating normally for now, and there are no signs of a depeg of USDC and USDT on Fantom. Nevertheless, these rumors have already affected Fantom'sperformance. The network saw an 8% price drop following the news of potential issues at Multichain.
The Fantom network finds itself in a difficult position. With such a high percentage of its assets tied to Multichain, any adverse developments could lead to serious consequences for the network. While it is too early to predict the outcomes, the situation warrants close monitoring by investors and stakeholders in the coming days.
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