Multichain is over ⠀ The other day the final episode of anot | Crypto | Bitcoin | Ethereum | Altcoin | News
Multichain is over
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The other day the final episode of another drama, which was closely followed by the whole crypto world, was released. Let's see how the life of the crosschain protocol Multichain came to an end.
The project team told how the collapse of their brainchild happened:
On May 21, 2023, Multichain's CEO was arrested. Chinese police dragged Zhao Jun out of his home and he has not been in contact with the Multichain team since then. All employees have lost access to the servers, because they don't have Jun's personal accounts. The police confiscated all computers, phones, hardware wallets and cid-phrases from the CEO;
Since the project's inception, all investor funds were under Jun's control, so the police now have them;
The team tried to keep the project running with the remaining access to some servers. At the request of authorities, the staff refrained from disclosing the arrest;
On June 4, Jun's family allowed Multichain team members to fix technical problems with Router2 and Router5. This is what was causing the glitch.
All this time, Jun's family and his lawyer have been in contact with the police. The team was not told about the progress of the case, but were promised that Zhao Jun would be free soon. They were asked to continue maintaining the system;
On July 7, users' money was withdrawn from the site, and two days later, Jun's sister transferred the remaining money to two left addresses. The network began to talk about a possible rug pull;
On July 13, the sister was also arrested with unclear charges. In total, police seized ~$220 million from the project.
The team announced the closure of the Multichain project and asked customers to stop using their product.
Did law enforcement detain them for nothing? - I highly doubt it, there are many more "interesting" things, and it is not profitable for the team to share these "interesting" things, so they tell about the situation in a one-sided way.
After that, there is no doubt that any project, despite its capitalization, can be involved in dubious stories, which will later lead to its collapse, after the arrest of the CEO of the project, the coin MULTI began its rapid downward flight, and after the final news about the arrest of 220 million, has finally fallen into the red zone and there is no chance that the project will continue its existence.
Do you trust new crypto projects ?
- NO
- YES
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