Multichain Ceases Operations

Twitter icon  •  Published 8 months ago  •  Hassan Maishera

The Multichain team announced via Twitter on Friday that it has ceased operations following the arrest of CEO Zhaojun by Chinese authorities in May.

The Multichain team announced via Twitter on Friday that it has ceased operations following the arrest of CEO Zhaojun by Chinese authorities in May. The team said they were forced to stop operating due to the lack of alternative sources of information and corresponding operational funds. 

Due to the lack of information about the case, the team could only maintain project operations to the best of their abilities through the remaining access on some non-MPC servers that hadn't been revoked yet. Per the lawyer's suggestions, the team has chosen to cooperate as much as possible with the demands of Zhaojun's family and adhere to the requirements of local laws and regulations, refraining from disclosing unauthorized information about the case to the public.

However, they could not continue operations for long after user assets locked on the MPC addresses were transferred to unknown addresses abnormally earlier this month. 

Multichain, previously known as Anyswap, is a decentralized cross-chain swap protocol and bridge infrastructure. The Multichain platform supports multiple blockchains, which enables users to swap and bridge tokens across numerous chains on one platform. MULTI, the native token of the Multichain ecosystem, is down by 6% in the last 24 hours and currently trades at $1.95. 

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.