{"id":140195,"date":"2023-06-01T06:43:21","date_gmt":"2023-06-01T06:43:21","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=140195"},"modified":"2023-06-01T12:19:15","modified_gmt":"2023-06-01T12:19:15","slug":"multichain-halts-services-for-affected-chains-as-ceo-goes-missing","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/multichain-halts-services-for-affected-chains-as-ceo-goes-missing\/","title":{"rendered":"Multichain Halts Services for Affected Chains as CEO Goes Missing"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Multichain has <\/span><span style=\"font-weight: 400\">revealed<\/span><span style=\"font-weight: 400\"> that it has been unable to contact its CEO, Zhaojun, leading to rumors surrounding potential arrest amid ongoing technical issues. As per the tweet that broke the news, <strong>Multichain stated that it had done everything it could to keep the <a href=\"https:\/\/crypto-economy.com\/blockchain-technology\/\" target=\"_blank\" rel=\"noopener\">blockchain<\/a> protocol running, but is currently unable to contact the CEO and obtain the necessary server access for maintenance.<\/strong> Multichain is facing technical troubles since the previous week, with a number of transactions being delayed across a series of cross-chain bridges without any clear explanation.&nbsp;&nbsp;<\/span><\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for\u2026<\/p>\n<p>&mdash; Multichain (Previously Anyswap) (@MultichainOrg) <a href=\"https:\/\/twitter.com\/MultichainOrg\/status\/1663941611380965376?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 31, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Based on one of the many rumors floating around on Twitter,<strong> the Chinese authorities have arrested the Multichain team and have also confiscated approximately $1.5 billion in contract funds<\/strong>. As of now, all of these rumors are unconfirmed.&nbsp;<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Multichain stated in its tweet that several protocols were affected by some problems on the Router5 node, which is responsible for supporting seamless connections between different chains. With the team being unable to contact the CEO,&nbsp;<\/span><strong><span data-preserver-spaces=\"true\">it had to suspend services for a total of 10 chains, which include Kekchain, Public Mint, Ekta, HBP, and more<\/span><\/strong><span data-preserver-spaces=\"true\">. While some companies have stepped up and declared they are not having liquidity problems like what happened with<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/gate-io-debunks-liquidity-issue-rumors-after-the-disappearance-of-multichain-ceo\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;Gate.io<\/span><\/a><span data-preserver-spaces=\"true\">, this does not guarantee the safety of Multichain services.&nbsp;<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The protocol team stated,<\/span><\/p>\n<p style=\"text-align: center\"><em>\u201cIn order to protect the interests of our users, we have decided to suspend the corresponding cross-chain service for the affected chain on the UI&#8221;&nbsp;<\/em><\/p>\n<h2><span style=\"font-weight: 400\">Uncertainty Surrounding Multichain &#8211; What\u2019s Next?<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-140198\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/multichain.png-1.webp\" alt=\"Multichain Halts Services for Affected Chains as CEO Goes Missing\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/multichain.png-1.webp 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/multichain.png-1-300x109.webp 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/multichain.png-1-768x279.webp 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Many Twitter users are expressing their rage and frustration towards Multichain. They are pointing out the platform\u2019s inability to access the server and also highlighting the platform\u2019s step back from decentralization.&nbsp;<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Despite the ongoing situation at Multichain, the native token, MULTI, is performing well in the market. Issues like these tend to ravage the trading price of a native token, but the situation is the opposite for MULTI. <strong>At the time of writing, MULTI has surged by 3.54% in the previous 24 hours, pushing the <a href=\"https:\/\/coinmarketcap.com\/es\/currencies\/multichain\/\" target=\"_blank\" rel=\"noopener\">trading<\/a> price up to $4.09. Currently, the total market cap of MULTI stands at the $59 million mark.&nbsp;<\/strong><\/span><\/p>\n<p><a href=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/MULTI_1D_graph_coinmarketcap-1.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-140196 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/MULTI_1D_graph_coinmarketcap-1.jpg\" alt=\"Multi Price Affected as CEO Goes Missing\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/MULTI_1D_graph_coinmarketcap-1.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/MULTI_1D_graph_coinmarketcap-1-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/MULTI_1D_graph_coinmarketcap-1-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/a><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Moreover, Binance has suspended deposits for a total of 10 bridged tokens on the BNB Chain, Fantom, <strong><a href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a><\/strong>, and Avalanche networks. At the same time, <strong>the erratic downtime also set the stage for the Fantom Foundation to remove approximately 449,740 MULTI tokens worth $2.4 million from its liquidity on SushiSwap<\/strong>.&nbsp;<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The blockchain analytics firm, Lookonchain, highlighted <strong>MULTI outflows worth a staggering $3 million to smart money contracts<\/strong> just last week. Therefore, there is a lot of uncertainty about the future of the Multichain protocol and its native token.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multichain has revealed that it has been unable to contact its CEO, Zhaojun, leading to rumors surrounding potential arrest amid ongoing technical issues. As per the tweet that broke the news, Multichain stated that it had done everything it could to keep the blockchain protocol running, but is currently unable to contact the CEO and &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Multichain Halts Services for Affected Chains as CEO Goes Missing\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/multichain-halts-services-for-affected-chains-as-ceo-goes-missing\/#more-140195\" aria-label=\"More on Multichain Halts Services for Affected Chains as CEO Goes Missing\">Read more<\/a><\/p>\n","protected":false},"author":22,"featured_media":140231,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4749,9488],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140195"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=140195"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/140231"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=140195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=140195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=140195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}