Article source, here.
TL;DR
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Multichain is a ‘cross-chain bridge’ – which is a needlessly complex way of saying it’s a currency converter, for crypto. And it’s one of the largest in the global blockchain space!
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About a week back, Multichain went through an upgrade that caused user funds to get stuck in transit (for up to 72hrs) when using the bridge.
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Here’s what’s rumored to have happened since then: Chinese authorities arrested several Multichain executives (including its CEO), taking control of $1.6B in funds.
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Multichain’s CEO is still M.I.A, and the only one with necessary server access to fix the ‘user funds stuck in transit’ problem. Many major exchanges are abandoning Mutlichain’s tech.
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Somehow (and this is the craziest part of it all) Multichain’s MULTI token has held relatively strong, dropping from ~$5 to ~$4 over the past 7 days.
Full Story
“There’s a bonfire in the woods” isn’t news.
“The forest is on fire” is.
This Multichain situation just went from bonfire to forest fire, so it’s about time we talk about it.
Multichain is a ‘cross-chain bridge’ – which is a needlessly complex way of saying it’s a currency converter, for crypto.
And it’s one of the largest in the global blockchain space!
About a week back, Multichain went through an upgrade that caused user funds to get stuck in transit (for up to 72hrs) when using the bridge.
Not great. But also, not huge news yet (‘bonfire in the woods’ level stuff).
Since then, a BUNCH of crazy events have been rumored to take place in quick succession.
These are all yet to be confirmed, but – HUGE if true, ya know?
Here’s what’s rumored to have happened:
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Chinese authorities arrested several Multichain executives (including its CEO)
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CCP officials took control of a $1.6 billion wallet belonging to the company
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Folks at the company still can’t get a hold of Zhaojun, Multichain’s CEO
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Zhaojun is the only one with necessary server access to fix the ‘user funds stuck in transit’ problem
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Most/all major exchanges using Multichain’s tech, have abandoned it (at the request of the Multichain team themselves!)
…somehow (and this is the craziest part of it all) Multichain’s MULTI token has held relatively strong, dropping from ~$5 to ~$4 over the past 7 days.
Sure, a 20% week-over-week drop ain’t good – but given the circumstances, this feels like witchcraft.
We’ll tell you more if/when it unfolds.
