Multichain cross-chain protocol command stated on the termination of its activities due to “lack of alternative information and operational means.”
The developers have confirmed that since May 21, 2023, the CEO of the company, Zhao Jun, has not been contacted after he was detained by the Chinese police.
According to the team, she contacted the family of the head of Multichain and learned that all of his computers, phones and hardware wallets were confiscated by law enforcement officers.
“Since the inception of the project, all operating funds and investments have been under the control of Zhao Jun. This also means that all the team’s assets and access to the servers are with him and the police, ”said the developers.
The protocol had problems at the end of May – users began to complain about transactions hanging in the network due to an error during the network update. On June 4, programmers, thanks to Zhao Jun’s family, gained access to his home computer to troubleshoot technical problems.
According to the announcement, on July 7, the assets of Multichain users were transferred to unknown addresses. On July 9, Zhao Jun’s sister sent the remaining client funds to the router pool and notified the team of asset preservation actions. After that, the police detained her.
“The Multichain team does not have access to the domain account to redirect or disable the external interface. […] Due to the lack of alternative sources of information and appropriate operational means, the group is forced to cease activities. If there are any further notices and developments, the team will update the community accordingly,” the project said.
Recall that Circle and Tether have frozen assets withdrawn from Multichain in the amount of $65 million.
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