Today, DeFi project Multichain has confirmed the arrest of its CEO Zhaojun and announced the cessation of its operations. This disclosure comes following the multi-million dollar exploit of the protocol’s bridges.
Multichain CEO And Sister Detained By Chinese Authorities
In a statement released via its Twitter account, Multichain has confirmed that its CEO Zhaojun is in Chinese custody. The project’s executive is said to have been arrested by the Chinese police on May 21, 2023.
Although rumors of the CEO’s arrest had already been making rounds, there were no official statements to back such stories. At the time, the protocol’s team only said that it had lost contact with its CEO, citing this as the primary cause of its technical issues.
Related Reading: DeFi Protocol Multichain Hacked For $126 Million, PechShield Confirms
The team has now revealed that the operational access keys to the MPC (Multi-Party Computation) node servers had been revoked following the arrest. These no
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