Multichain ceased operations after the Chinese Police detained the CEO’s sister. The Altcoin project has published a detailed briefing on the latest developments.
The altcoin, which stopped its activities, shared the details of the process!
Chinese police detained Multichain’s CEO and his sister. He then confiscated operational funds, forcing the team to cease operations. The Multichain (MULTI) bridge protocol announced today that it has ceased operations due to a lack of operational funds and a lack of information about its CEO, Zhaojun, who is in the custody of the Chinese police.
cryptocoin.comAs you follow, the issues affecting Multichain’s cross-chain bridge started in late spring. Their problem was revealed by users filling up Multichain’s Telegram complaining that some pending transfers got stuck. At that time, there were rumors that Chinese authorities had arrested several Multichain executives, including CEO Zhaojun. Protocol later acknowledged on Twitter that the CEO was missing. He also confirmed that he had sole access to the broken servers that were responsible for the delays. In this context, Multichain shared the details of the issue in its statement today:
On May 21, 2023, Multichain CEO Zhaojun was taken from his home by the Chinese police. He has since lost contact with the global Multichain team. The team contacted MPC node operators and learned that operational access keys to MPC node servers had been revoked. Moreover, these MPC node servers, like all other ordinary servers, were actually running under Zhaojun’s personal cloud server account. No member of the team has access to Zhaojun’s personal cloud server account. So no one can log into these MPC servers.
Interesting events behind the scenes of Multichain
Today’s announcement confirms that Zhaojun has been arrested. The Multichain team also said that the police confiscated all of Zhaojun’s devices, crypto hardware wallets and mnemonics. He wrote that he essentially confiscated all of the team’s funds, forcing them to cease operations. Meanwhile, Zhaojun’s sister was also arrested
On June 4, Zhaojun’s family accessed the cloud server using the history information from his home computer. They allowed the Multichain team engineers physical access to the desktop to troubleshoot technical issues with the two routers. The next day, Multichain partially resumed its operations.
A month later, Zhaojun’s sister accessed client assets locked in multi-party computing (MPC) wallets using the login information she obtained on the cloud server from an IP address in Kunming. He then transferred them to wallets under his control. Then he informed the team about the subject. At the time, transactions involving at least $200 million in total crypto were thought to be the work of exploiters.
On July 13, Zhaojun’s family informed the team that the CEO’s sister was also detained by the Chinese police. The sister has also lost contact at the moment. Finally, the status of the secured assets is also uncertain.
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