Multiple Network Launches New MTP Token and Buyback Program
Multiple Network is addressing a security breach by replacing its compromised MTP token. The project also announced a year-long buyback plan.
A market maker unlocked and sold tokens without permission,causing a price drop.
To resolve the issue, Multiple network launched a new BEP-20 token contract on BNB Chain. This new MTP token is being swapped at a 1:1 ratio for the old tokens. Verified holders on exchanges like Binance can now trade, withdraw, and deposit the new tokens.
The team also unveiled a $1 million buyback plan. They will buy back between $50,000 and $100,000 worth of MTP monthly for the first six months. The buyback amount for the remaining six months will depend on market conditions.
Legal action is underway against the unauthorized market maker.any funds recovered will be used for additional buybacks. The team will provide updates as the legal proceedings progress.
The crisis began on september 23 when a market maker dumped tokens without authorization. This led to a critically importent price drop. By September 27, the team advised using exchanges rather of on-chain markets due to the contaminated supply.
Multiple Network,a DePIN project for Web3 privacy acceleration in AI,launched MTP in August. The token initially reached $0.0456 but fell over 40% due to sell pressure and the breach. The new token and buyback plan aim to stabilize the ecosystem and protect legitimate holders.
