Multichain, a prominent bridging protocol in the cryptocurrency industry, has announced that it is ceasing operations due to the recent detention of its CEO, Zhaojun, and his sister by Chinese authorities. The company shared the news on its Twitter page, stating that the decision is a result of the lack of alternative information sources and operational funds.
Key points:
1. Detention of CEO and sister: Zhaojun and his sister were taken into custody by Chinese police on May 21. They had their computers, phones, hardware wallets, and mnemonic phrases confiscated.
2. Lack of communication: Since the detainment, the Multichain team has had no contact with Zhaojun. They have been relying on existing access to servers that have not been revoked and receiving intermediate assistance from Zhaojun’s sister.
3. Forced action: Multichain’s decision to cease operations is a result of the challenging circumstances they are facing, including the absence of their CEO and limited resources.
4. Bridging protocol impact: As one of the largest bridging protocols, Multichain’s closure will have implications for the crypto world, potentially affecting users and other projects that rely on its services.
In conclusion, Multichain’s operations are coming to an end due to the detention of its CEO and his sister. The lack of communication and limited resources have forced the company to make this decision. This development will likely have a significant impact on the cryptocurrency community.
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