Multichain, a cross-chain router protocol, has announced that it is stopping its operations due to a lack of funds.
The team revealed that their CEO, Zhaojun, is currently in Chinese police custody, and they have lost contact with him.
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They stated that all the team’s funds and access to servers are with Zhaojun, and the police have seized his computers, phones, wallets, and other important items. Zhaojun’s sister, who initially had control over some funds, was also taken into custody. As a result, Multichain has made the decision to halt its operations.
This comes after a series of issues, including a suspension of Multichain routes, longer fund transfers, and concerns about the protocol’s uncertainties. There were also significant outflows from the platform, leading to suspicions of a hack.
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