From Seizure to Shutdown: The Multichain Saga
Hey there, crypto readers! We’ve got some wild news to share with you about the Multichain team. Brace yourself for the good and the bad of it:
The Bad News:
- The CEO of Multichain, Zhaojun, was apprehended by Chinese police, leaving the team in disarray.
- All operational access keys to the Multichain Processing Component (MPC) node servers were revoked.
- Turns out, the servers were managed under Zhaojun’s personal cloud server account, so no one else had access.
- Zhaojun’s devices, wallets, and control of funds were confiscated by the police.
- The team had limited access and had to withhold information from the public for days.
The Good News:
- Zhaojun’s family managed to log into the cloud server platform, offering a glimmer of hope.
- The Multichain protocol continued to function despite the crisis.
- The team worked tirelessly to maintain operations and resolve user issues.
- However, there were abnormal transfers of user assets to unknown destinations.
- Zhaojun’s sister transferred the remaining assets, adding more complexity to the situation.
Now, here’s the “Hot Take”: The Multichain team had no choice but to cease operations as they had no access to their domain account. This whole saga shows us the risks involved in the crypto-sphere and the dire need for better security measures. Stay safe out there!
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