• Multichain, a cross-chain protocol has announced that it is ceasing operations due to the detainment of its CEO, Zhaojun.
• The CEO had control over the protocol’s MPC nodes and servers as well as operational funds.
• The team could not continue operations without access to the CEO’s account.
Multichain Halts Operations Following CEO’s Arrest
Multichain, a cross-chain protocol, has announced that it is ceasing operations due to the detainment of its CEO, Zhaojun. According to an official statement released on July 14th, all MPC nodes and ordinary servers were running under Zhaojun’s personal account. Additionally, operational funds and investments were also under his control.
Impact on Project Operations
The team explained how Zhaojun’s unavailability since May impacted project operations greatly as they could not continue without access to his account. They attempted their best but ultimately couldn’t find a way around this without more information about the case at hand.
MULTI Plunges 15% After Announcement
After the announcement by Multichain regarding their halt in operations, MULTI prices plummeted by 15%. This caused investors and traders alike to worry about their investments in MULTI tokens and speculate if there would ever be any chance of regaining value for them again or not.
What Happens Now?
It remains unclear what will happen now as there is currently no information regarding when or if Zhaojun will be released from custody and able to resume operations at Multichain once again. Until then all eyes are on him with hopes that he returns soon so that project activities can resume normally once again.
Until further news surfaces regarding Zhaojun’s situation and future involvement with Multichain, all we can do is hope for his safe return so that normal activities may resume once again at the protocol level as well as within MULTI token prices themselves.