Multichain team cannot locate CEO, halts service for affected chains

Cross-chain protocol Multichain revealed on Could 31 that its group has been unable to contact its CEO, Zhaojun, fueling rumors that the protocol’s management could have been arrested in China amid ongoing technical points. 

“The group has performed every thing doable to take care of the protocol working, however we’re at present unable to contact CEO Zhaojun and procure the mandatory server entry for upkeep,” famous a Twitter thread. As reported by Cointelegraph, the protocol has skilled technical issues over the previous week, with transactions delayed across multiple cross-chain bridges with no clear rationalization.

According to rumors circulating on Twitter, the Chinese language police arrested Multichain’s group and confiscated $1.5 billion in good contract funds. Cointelegraph reached out to Multichain however didn’t obtain an instantaneous response. As of now, the rumors stay unconfirmed.

Primarily based on Multichain’s tweet, some protocols had been affected by issues on the Router5 node, which helps connections between chains. Having been unable to contact the CEO and missing permission to deal with the problem, the group suspended providers for over 10 chains, together with Kekchain, Public Mint, DynoChain, Redlight Chain, Dexit, Ekta, HPB, Onus, Omax, Findora and Planq.

“As a way to shield the pursuits of our customers, we have now determined to droop the corresponding cross-chain service for the affected chain on the UI,” famous the protocol’s group.

On Twitter, crypto group members identified that Multichain’s lack of ability to entry the server and remedy the issue exhibits the protocol is a “backward step” from decentralization.

In response to the continuing points with out clear explanations, Binance suspended deposits for 10 bridged tokens on the BNB Sensible Chain, Fantom, Ethereum and Avalanche blockchain networks on Could 25. The unexplained downtime additionally led the Fantom Basis to take away 449,740 MULTI ($2.4 million) from liquidity on the decentralized trade SushiSwap. Blockchain analytics agency Lookonchain reported $3 million value of MULTI outflows associated to good cash accounts final week.

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