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Bitcoin

Multichain founder’s new project, Chainge, has trapped users’ funds

By admin
0 5

Multichain founder’s new project, Chainge, has trapped users’ funds

Chainge, a cross-chain “decentralized finance” project, has trapped user funds for months as promises of salvation fail.

The project, which is sort of a bridge and sort of a decentralized exchange, is led by DJ Qian, who previously founded Multichain.

The project’s Telegram shows many users complaining that their transactions are stuck and unable to process, and Qian has promised that he will inject liquidity to save the project.

Many of these reports relate to the wrapped Kaspa (wKAS) bridge, with the team claiming that problems were due to “bad actors” who “misused our service” and “caused a liquidity shortage.”

These problems have persisted since at least early this year and perhaps as early as late last year.

This wKAS token has now substantially depegged, and a partnership with ‘kas.fyi’ was terminated.

The team provided an update on March 24, warning that they “dare not give you any ETA,” but did promise that they “100% will resolve it” and are “expecting it this week… the latest would be next week from my understanding.”

However, that solution has yet to be provided; users can still not access all their funds, and it is not clear if or when Chainge will be able to free these funds from the morass they have become trapped in.

Meanwhile, the front-end for this project still seems to enable users to use this bridge, despite the problems.

Protos reached out to Chainge for comment and will update this piece if we hear back.

Source

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