Vision
The Multichain Collapse and the birth of $RIU/Redemption Inu
Last updated
The Multichain Collapse and the birth of $RIU/Redemption Inu
Last updated
On May 21, 2023, the CEO of the centralized cross-chain bridge Multichain, Zhaojun-He, was detained by Chinese police as part of a large-scale crackdown on blockchain companies in the country.
On July 6, 2023, users' assets stored on Multichain were mysteriously transferred to unknown addresses without their consent and subsequently withdrawn. This incident caused over $125 million worth of assets on the FTM chain to lose their peg, resulting in significant losses for users, protocols, and the FTM chain ecosystem itself.
Our project was born with a clear and ambitious mission: to compensate the victims of the Multichain hack on the FTM chain and to create a sustainable ecosystem that blends public good, gamification, and utility. All of this is encapsulated in the form of a Utility Token deployed on the Sonic chain: $RIU / Redemption Inu.
Our team comprises developers, industry veterans, and blockchain enthusiasts, many of whom were personally affected by the Multichain collapse.
We believe in decentralized finance that is not only innovative but also responsible and inclusive. Our project aims to set a precedent for using blockchain as a tool to address financial injustices, delivering value to all participants through redistribution mechanisms and sustainable incentives.
