Due to the arrest of the CEO, the operations of Multichain have stopped

Multichain Operations Halted in Wake of CEO


Share this article

The CEO of the blockchain technology company Zhajun closed his job after a series of riots following the events that led to his arrest on May 21, 2023. Multichain server access and keys to financial assets.

In a lengthy tweet, Multichain detailed why the company is shutting down:

“Due to the lack of alternative sources of information and corresponding operating funds, the group has been forced to cease operations.”

After the arrest, Multichain was unable to communicate with its CEO, and all MPC node servers were under Zajun's private cloud account, allowing the team to continue its normal operations. All funds and investments held by Zhaojun are currently unavailable.

bybit

The team used the rest of the non-MPC server access to stay open with their community and update them on what was going on. After the Zhaojun family accessed the home computer, MultiChain team engineers allowed limited access to solve some technical problems. However, this was not enough to keep things afloat:

“All of Zhaojun's computers, phones, hardware bags and memorabilia have been seized by authorities. […] This also means that all of the team's money and access to its servers is with Zhaojun and the police.

On July 7, assets linked to MPC addresses were found to have been transferred to unknown addresses. Transactions returned to an IP in Cummings were found on the cloud server platform when the team tried to resume operations normally. The group asked the community to stay away from the bridge service due to this unknown behavior.

Then, Zhaojun's sister transferred the remaining user assets in the router's pool to addresses under her control on July 9. Unfortunately, she was also detained by the police on July 13, the status of the property she controlled is unclear.

In light of the above events and due to a lack of funding and key operational information, MultiChain announced on July 13 that all operations have ceased. The team enlisted the help of GoDaddy to take down the company's domain.

Share this article

The information contained or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of information obtained through this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.

You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.

See full terms and conditions.

Leave a Reply

Pin It on Pinterest