CryptoNews: Cross-chain protocol Multichain has halted services for several chains due to the inability to contact its CEO, Zhaojun, leading to speculation that the leadership may have been arrested in China. 👀
has halted services for several chains due to the inability to contact its CEO, Zhaojun, leading to speculation that the leadership may have been arrested in China.
Rumors on Twitter suggest that the Chinese police have arrested the Multichain team and seized $1.5 billion in smart contract funds, although these rumors remain unconfirmed. As a result of the CEO's unavailability and lack of permission to address the issues, Multichain suspended services for over 10 chains, including Kekchain, PublicMint, Dyno Chain and Red Light Chain.
The inability of Multichain to access the necessary server and resolve the problems has raised concerns about the protocol's decentralization. Binance responded to the ongoing issues by suspending deposits for 10 bridged tokens on various blockchain networks. The Fantom Foundation also removed a substantial amount of MULTI tokens from liquidity on the decentralized exchange SushiSwap due to the unexplained downtime.
The exact reasons behind Multichain's technical problems and the whereabouts of its CEO remain uncertain.I've been writing about Bitcoin since 2014. My work has appeared in Forbes, Fortune, Wired UK, Bitcoin Magazine, and many other online publications.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Multichain team cannot locate CEO, halts service for affected chainsMultichain revealed on May 31 that its team has been unable to contact its CEO, Zhaojun, fueling rumors that the protocol’s leadership may have been arrested in China.
Leer más »
Crypto Bridging Protocol Multichain ‘Unable to Contact’ CEO ZhaojunMultichain's team says it cannot maintain some cross-chain bridges without getting access permissions from its AWOL chief.
Leer más »
As Multichain Wobbles, Some Fantom-Based DeFi Projects Flee Bridged TokensThe actions showcase how Multichain’s faltering infrastructure and AWOL CEO are sending shockwaves through Fantom, the blockchain most heavily dependent on Multichain’s bridges.
Leer más »
Can California shore up home insurance market after State Farm halts new policies?Wildfires and expensive rebuilding wiped out profits among California home insurers. State Farm isn’t the first insurer to retreat from the state, and may not be the last.
Leer más »
Cumberland halts filecoin trading, citing 'regulatory environment'Crypto trading firm Cumberland will halt trading in the token used by the decentralized storage platform Filecoin.
Leer más »