Cross-chain protocol Multichain (MULTI) is ceasing operations because CEO Zhaojun and his sister were “taken away” by the Chinese police, according to a July 14 statement on its official Twitter handle.
In its statement, the protocol explained how Zhaojun’s unavailability since May impacted its operation as all MPC nodes and ordinary servers were running under the CEO’s personal account. Additionally, the protocol’s operational funds and investments were under the control of the detained CEO.
Multichain said:
“Due to the lack of information about the case, the team could only maintain project operations to the best of their abilities through the remaining access on some non-MPC servers that hadn’t been revoked yet.”
Zhaojun’s sister’s role in Multichain’s situation
The protocol’s situation was exacerbated on July 7 after users’ assets on its MPC addresses were illegally transferred to an unknown address.
The Multichain team said Zhaojun’s sister informed the
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