Blockchain Protocol Director Vanishes Without a Trace
On May 31, the team of the cross-chain protocol Multichain made an announcement stating that they have been facing difficulties in reaching their CEO, who is identified only as Zhaojun.
Consequently, the team mentioned their inability to access the project servers due to the absence of the CEO.
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…
— Multichain (Previously Anyswap) (@MultichainOrg) May 31, 2023
There has been no recent activity on Zhaojun’s Twitter account since May 24, and unverified rumors are circulating that Multichain executives have been detained in China.
In their latest update, Multichain also reported an issue with the scanning node network of Router5. The team described this problem as being “beyond their permissions and capability” and therefore decided to temporarily suspend cross-chain services for 11 affected chains.
Furthermore, the team requested partners to refrain from calling smart contracts associated with the affected chains.
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Earlier, a similar issue had occurred with Router2.
The problems faced by Multichain have been ongoing for a week. On May 23, the project encountered transaction delays, initially attributing them to temporary issues caused by an update.
However, some problems persisted.
In a cryptic statement on May 24, the project vaguely attributed its problems to a “force majeure” event without providing detailed information about the cause. Today’s announcement indicates their inability to access servers and deeper organizational problems.
As a result of this crisis, Binance temporarily suspended deposits for tokens related to Multichain, and Multichain’s own token experienced a significant decrease in value.
Over the past seven days, Multichain’s MULTI token has declined by 22.2%. In contrast, Bitcoin, considered a market benchmark, has risen by 3.0% during the same period.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
