{"id":22289,"date":"2023-07-14T11:41:18","date_gmt":"2023-07-14T11:41:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/multichain-says-its-ceasing-operations-multi-price-falls\/"},"modified":"2023-07-14T11:41:18","modified_gmt":"2023-07-14T11:41:18","slug":"multichain-says-its-ceasing-operations-multi-price-falls","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/multichain-says-its-ceasing-operations-multi-price-falls\/","title":{"rendered":"Multichain says it&#8217;s ceasing operations, MULTI price falls"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689332443978-25779130-3a43-483b-b03a-66a2ab45a648-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689332443978-25779130-3a43-483b-b03a-66a2ab45a648-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689332443978-25779130-3a43-483b-b03a-66a2ab45a648-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689332443978-25779130-3a43-483b-b03a-66a2ab45a648-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Multichain protocol says its forced to cease operations due to recent events.<\/li>\n<li dir=\"ltr\">CEO Zhaojun and his sister have reportedly been detained leaving the team with no operational funds.<\/li>\n<li dir=\"ltr\">Multichain saw $125 million stolen on July 6, with blockchain security firm Chainalysis pointing to possible rug pull by insiders.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/multichain\/\"><u>Multichain<\/u><\/a>, one of the world\u2019s largest cross-chain bridge protocols, has announced its ceasing operations. The news comes just days after the protocol saw an attacker (looked like an inside job) drained $125 million from the protocol\u2019s wallets.\u00a0<\/p>\n<p dir=\"ltr\">According to a Chainalysis <a href=\"https:\/\/blog.chainalysis.com\/reports\/multichain-exploit-july-2023\/\" rel=\"noopener noreferrer\" target=\"_blank\"><u>report<\/u><\/a>, the mysterious withdrawals on July 6 included $120 million from Multichain\u2019s Fantom bridge. The blockchain security firm noted in its report that the \u201cunusually large, unauthorized withdrawals\u201d looked like a rug pull.\u00a0<\/p>\n<p dir=\"ltr\">As CoinJournal <a href=\"https:\/\/coinjournal.net\/news\/binance-suspends-transfers-for-several-multichain-bridged-tokens\/\"><u>covered here<\/u><\/a>, an earlier incident with the Multichain protocol had seen the world\u2019s largest crypto exchange Binance halt deposits and withdrawals of Multichain bridged tokens.<\/p>\n<h2 dir=\"ltr\">Multichain halts operations<\/h2>\n<p dir=\"ltr\">Multichain has constantly been in the news over the past few months, particularly since May when it was reported that the CEO Zhaojun had been arrested by Chinese police.\u00a0<\/p>\n<p dir=\"ltr\">It was alleged authorities confiscated \u201ccomputers, phones, hardware wallets, and mnemonic phrases\u201d when they took the CEO into custody. Notably, Zhaojun had control over all of the protocol\u2019s operational funds and investments.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had\u2026<\/p>\n<p>\u2014 Multichain (Previously Anyswap) (@MultichainOrg) <a href=\"https:\/\/twitter.com\/MultichainOrg\/status\/1679768407628185600?ref_src=twsrc%5Etfw\">July 14, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Zhaojun\u2019s sister, who recently transferred remaining user assets to an address under her control, has also been detained. It is this series of events and the \u201clack of alternative sources of information and corresponding operational funds\u201d that has forced Multichain to cease operations, an announcement posted on the protocol\u2019s Twitter page noted.<\/p>\n<p dir=\"ltr\">\u201c<em>On July 13, according to information provided by Zhaojun\u2019s family, the police took Zhaojun\u2019s sister into custody. Now, Zhaojun\u2019s sister is also out of contact. The status of the assets she has preserved is uncertain, so the team believes it is necessary to inform the community about all the known circumstances. Due to the lack of alternative sources of information and corresponding operational funds, the team is forced to cease operations<\/em>.\u201d<\/p>\n<p dir=\"ltr\">The price of <a href=\"https:\/\/coinjournal.net\/multichain\/\">Multichain (MULTI)<\/a> was down 4% in the past 24 hours and over 16% in the past week on Friday morning. What happens next to MULTI is uncertain, but it\u2019s likely to plummet further. Recent suspicions of rug pull moves haven\u2019t helped prices.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/cross-chain-bridge-protocol-multichain-ceases-operations\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Multichain protocol says its forced to cease operations due to recent events. CEO Zhaojun and his sister have reportedly been detained leaving the team with no operational funds. Multichain saw $125 million stolen on July 6, with blockchain security firm Chainalysis pointing to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22289"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22289"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22290"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}