Multiple Network launches MTP swap, $1M buyback plan

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.

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.