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Multichain is shutting down in a disturbing way



In the midst of the upheaval caused by the arrest of Multichain’s CEO and his sister by Chinese authorities, the crypto bridging protocol finds itself at a crossroads.

The unexpected detention has dealt a significant setback, leaving the company without a clear path forward or the necessary financial resources.

Without the CEO’s presence, Multichain struggles with the absence of crucial decision-making and operational guidance. As a result, the company has been forced to temporarily suspend all operations until a new direction can be determined.

According to Multichain, Zhaojun’s electronic devices, including his computers, phones, hardware wallets, and mnemonic phrases, were confiscated by the Chinese authorities. It was reported that his sister was arrested on Thursday.

However, after Zhaojun’s sister transferred the remaining user assets in the router pool and informed the team and several project parties about this action to preserve the assets, she was also taken into custody by the police.

This happened after Zhaojun’s sister notified the team and several project parties about the asset preservation action. Currently, she cannot be reached.

The team believes it is necessary to inform the community about all the known circumstances because the status of the preserved assets cannot be determined with certainty at this time.

Moreover, the future of Multichain is currently uncertain due to a lack of alternative information sources and operational funds. If the CEO and his sister are detained for an extended period, the company will face significant challenges in resuming operations.

Additionally, a temporary disbursement program is being established to address the negative market sentiment. Users are strongly advised to claim their refunds and revoke app approvals for Multichain promptly.

Read also: Spotlight on the growing crypto market in the Middle East and North Africa

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