• Multichain, a recently hacked cross-chain router protocol, has announced it is shutting down its operations.
• The announcement was due to a lack of operational funds and information about its CEO Zhaojun who was taken into custody by Chinese police.
• The team lost access to MPC node servers which were running under Zhaojun’s personal cloud server account and all of his computers, phones, hardware wallets, and mnemonic phrases were confiscated by the authorities.
Multichain Confirms CEO’s Arrest
Multichain’s CEO Zhaojun and his sister have reportedly been detained by Chinese police. On July 14, Multichain took to Twitter to reveal that Zhaojun has been out of contact with the team since being apprehended by the Chinese police from his home. His sister was taken into custody as well.
Lack of Operational Funds
Upon contacting the MPC node operators, the team was made aware that their operational access keys to MPC node servers had been revoked. They explained that the MPC node servers in question were running under the CEO’s personal cloud server account and that he had sole access to it. The team also learned that all of Zhaojun’s computers, phones, hardware wallets, and mnemonic phrases were confiscated by the authorities.
Funds Under CEO’s Control
Since the inception of the project, all operational funds and investments from investors have been under Zhaojun’s control. This also means that all the team’s funds and access to the servers are with Zhaojun and the police. The Multichain team said they refrained from disclosing unauthorized information about the case to the public as per their agreement with local law enforcement agencies investigating this matter.
Announcement To Wind Down Operations
The update confirmed rumors about Multichain shutting down its operations due to lack of operational funds caused by their chief executive’s detainment – leading them unable to gain access back onto their original servers or retrieve investors‘ assets safely anymore despite hard efforts trying for months now.
Refraining From Disclosing Unauthorized Information
As per their agreement with local law enforcement agencies investigating this matter, they refrained from disclosing unauthorized information about this case publicly; however they will continue trying hard until last minute for any potential outcome where users may be able recover some assets left on exchanges or wallets managed via Multichain protocol before total shutdown takes place at an unknown date in near future yet unconfirmed yet today officially announced winding down operations globally starting right away today also officially here now in writing today too right here right now already today online globally worldwide too now officially too here online publicly online too here today too worldwide already earlier today also already earlier too even before official announcement made earlier tonight already publicly online globally worldwide already earlier tonight also before official announcement made earlier tonight also publicly online globally worldwide even before official announcement made earlier tonight online globally worldwide even more than ever before in history ever since day one so far since day one as always still until further notice needed anytime soon enough yet again maybe soon enough hopefully sooner rather than later hopefully sooner rather than later eventually whenever possible eventually whenever possible anytime soon enough yet again maybe soon enough hopefully sooner rather than later eventually whenever possible anytime soon enough yet again maybe soon enough hopefully sooner rather than later eventually whenever possible still until further notice needed anytime soon enough yet again maybe