Friday, July 19, 2024

Multichain , one of the largest bridging protocols in the crypto world, said it is ceasing operations following the detention of CEO Zhaojun and his sister by Chinese police.

Multichain said it has been forced to take this action “due to lack of alternative sources of information and corresponding operational funds,” in a thread on its Twitter page on Friday.

Zhaojun was “taken away” by Chinese police on May 21 with his computers, phones, hardware wallets and mnemonic phrases all confiscated, Multichain said. Since then, the team has had no contact with the boss and has maintained day-to-day operations relying on existing access to servers that had not been revoked and with intermediate assistance from Zhaojun’s sister, who has now also been taken into custody.

Edited by Sheldon Reback.

#Crypto #Bridging #Protocol #Multichain #Ceases #Operations

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