Multichain Bridged USDC (Dogechain) Price(USDC)

Multichain Bridged USDC on Dogechain is a digital asset that was issued on the Dogechain network via the Multichain cross-chain bridge protocol. Multichain, which previously operated under the name Anyswap, was a major infrastructure provider in the Web3 space, enabling the movement of tokens between different blockchain networks. Dogechain is an Ethereum Virtual Machine compatible layer that allows users to utilize smart contracts and decentralized applications within the broader Dogecoin ecosystem. The project faced a terminal crisis in mid-2023. The collapse began when the project leadership became unavailable following legal actions in China, which resulted in the team losing access to the secure servers and private keys required to maintain the bridge. Shortly thereafter, the protocol suffered a major security breach. Unauthorized withdrawals occurred across multiple bridge contracts, including those serving the Dogechain network. This incident resulted in the removal of the underlying assets that were intended to back the bridged tokens on a one-to-one basis. Following these events, the Multichain team officially announced the cessation of all operations. Because the bridge is no longer active, the Multichain Bridged USDC on Dogechain cannot be redeemed for native USDC through the original protocol. This has left the token in a state where it remains on the Dogechain blockchain but is effectively unbacked by the original collateral. The current status of the project is defunct. While there are ongoing international legal proceedings and liquidation efforts aimed at recovering some of the assets that were moved during the exploit, the bridge remains closed. Users within the Dogechain community have since moved toward alternative bridging technologies to facilitate the transfer of assets, as the Multichain infrastructure is no longer considered a viable or secure path for cross-chain activity. Learn more

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