On May 31, 2023, it was stated that the CEO of an altcoin project was missing. Even the subject cryptocoin.com We announced it to our readers. However, at the point we have reached, we see that there is a collapse in the cryptocurrency. Let’s look at the details.
Altcoin crashed
Four days ago, on May 31, 2023, cross-chain protocol Multichain made the announcement on Twitter. He stated that the team could not locate the CEO of the firm. As a result, the controls of several blockchain network routers were broken. The project’s cryptocurrency altcoin MULTI has experienced a 1% drop in the last 24 hours. It also recorded a drop of over 50% in the last two weeks. This week, the cryptocurrency community is discussing the Multichain Cross-Chain Router Protocol after the team announced that its founder has disappeared. Multichain’s bridge technology allows users to transfer assets between different blockchain networks. At the time of this writing, the decentralized finance (def) platform was valued at $1.45 billion.
“Over the past two days, the Multichain protocol has experienced multiple issues due to unforeseen circumstances,” the team said on Wednesday. The Altcoin team did everything possible to keep the protocol working. However, we are currently unable to contact CEO Zhaojun. Therefore, we cannot provide the necessary server access for maintenance.” used the phrases.
The absence of a CEO is a big problem.
Multichain emphasized that there are problems with router technology. He explained that this, in turn, is causing disruptions to the regular cross-chain service of certain chains. According to the tweet from Multichain, Zhaojun’s absence resulted in the lack of certain controls. Ultimately, this made it difficult to adequately address the issue. The team also noted that Kekchain, Publicmint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq are among the chains affected. There are rumors that Multichain’s founding team members may have been arrested in China. Moreover, people are discussing how the problem could be for most of the value locked in Multichain from much larger blockchain protocols such as Binance Smart Chain (BSC), altcoin Ethereum and Polygon. The phantom blockchain is the blockchain with the most Multichain. It is followed by BSC, Optimism and Kava.
The Phantom Foundation stressed that the absence of Multichain’s CEOs “has no impact on Phantom’s assets and bridging.” Despite Multichain’s first tweet, there are no later updates on Zhaojun’s whereabouts. Following this event, the project’s token, altcoin MULTI, witnessed a significant drop in value. It has fallen by over 50% in the last two weeks.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.