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Table of contents

Multichain Shuts Down Operations as CEO in Police Custody: A Cautionary Tale for the Crypto World

Key Points:

  • Cross-chain router protocol Multichain is ceasing operations due to a lack of operational funds.
  • The CEO, Zhaojun, is currently in Chinese police custody and has control over the team’s funds and access to servers.
  • The team has been unable to contact Zhaojun and his family has also been taken into custody.
  • The Multichain debacle began in May with suspended routes and delayed fund transfers.
  • Large outflows and suspicions of hacking further damaged the platform’s reputation.

Hot Take:

The rug has been pulled on Multichain as the team’s lack of funds and the CEO’s police custody have forced them to shut down operations. It’s a cautionary tale about the risks of centralized control in the crypto world. Investors and users should always be wary of putting their trust in a single individual or entity. Stay safe out there, folks!

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