Multiple Network launches MTP swap, $1M buyback plan after market maker dump
Multiple Network will replace its compromised MTP token and commit to a year-long buyback program after a third-party market maker unlocked and dumped tokens without authorization.
- MTP compromised by unauthorized market maker unlocks.
- New token contract launched with 1:1 swap.
- $1M buyback plan and legal recovery underway.
The incident, which polluted the token supply and drove sharp price declines, prompted the team to initiate an emergency swap and legal recovery measures.
According to the project’s Sept. 29 announcement , trading was suspended at 2:00 AM UTC for a snapshot of balances. With the deployment of a new BEP-20 contract on BNB ( BNB ) Chain, MTP tokens are automatically allocated to verified on-chain and exchange holders in a 1:1 ratio.
The new MTP’s trading, withdrawals, and deposits have all resumed, as per exchanges like Binance .
Buyback plan and legal action
To restore confidence, the team committed to repurchasing at least $1 million worth of MTP within 12 months. Between $50,000 and $100,000 will be bought back monthly during the first six months, with the scale for months seven to twelve determined by market conditions.
In addition, all funds recovered through legal action against the market maker will be used for further buybacks. The team noted that judicial proceedings have reached a critical stage and updates will follow once disclosure is permitted.
Timeline of the crisis
The breach surfaced on Sept. 23 when community managers confirmed that a market maker violated lock-up terms, leading to unauthorized token dumps. Price dropped as low as $0.002101, with market cap sliding significantly. By Sept. 27, the team advised traders to use exchanges instead of on-chain markets due to contaminated supply.
Multiple Network, a DePIN project focused on Web3 privacy acceleration for AI, had launched MTP in August with an initial listing on Binance Alpha. The token briefly reached $0.0456 but later fell more than 40% amid sell pressure and the breach. The swap and buyback plan aim to stabilize the ecosystem and protect legitimate holders going forward.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum Update: BitMine Acquires ETH—Strategic Investment Fuels Confidence in Ethereum's Supercycle
- BitMine, led by Tom Lee, added $50.1M in ETH to its holdings, now owning 3.6M tokens (3% of supply), advancing its 5% stake target. - The firm’s stock-issuance-funded strategy faces risks from $3.7B unrealized losses, but Santiment highlights low stablecoin yields and improving liquidity as bullish signals. - Institutional ETF inflows ($312.6M) and Lee’s $7,500 year-end forecast underscore Ethereum’s appeal as a “supercycle” asset, despite macroeconomic uncertainties. - Technical indicators suggest ETH c
XRP News Today: Regulatory Transparency and ETFs Transform the Crypto Investment Scene in 2025
- Australia's 2025 Digital Assets Framework Bill aims to regulate crypto platforms via AFSLs, targeting institutional trust and preventing collapses like FTX. - XRP's surge follows ETF approvals (XRPZ, GXRP), with Franklin Templeton highlighting its role in cross-border payments and energy-efficient transactions. - AVAX gains traction via Bitwise's BAVA ETF (0.34% fee), while Ripple's RLUSD stablecoin gains institutional adoption in Abu Dhabi for dollar-pegged stability. - Regulatory uncertainty persists a
Webster, NY's Targeted Economic Growth: Generating Value in Post-Industrial Markets through Real Estate and Infrastructure Initiatives
- Webster , NY, transformed brownfields into high-value industrial/residential hubs via infrastructure investments and public-private partnerships. - A $9.8M FAST NY grant redeveloped a 300-acre Xerox site, slashing industrial vacancy rates to 2% and adding 1M sq ft of space by 2025. - Median home prices rose 10.1% annually, driven by high-paying jobs and infrastructure upgrades like NEAT's 34kV power and 50M-gallon water capacity. - Future plans include wastewater upgrades and 2027 revaluation, aligning w
The Surge of AI Excitement and What It Means for Technology Investors
- AI sector faces 2025 valuation bubble risks, mirroring 2000 dot-com parallels with Buffett Indicator at 200% and S&P 500 CAPE near 40. - Market concentration in NVIDIA , Microsoft , and Alphabet creates fragility, with sentiment-driven trading amplifying volatility through social media and algorithmic models. - Risk mitigation strategies include diversification into fixed-income/commodities, AI-powered portfolio optimization, and prioritizing firms with proven monetization models. - Balancing AI's long-t
Trending news
MoreCrypto prices
More
