article source, here.
TL;DR
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Multichain is a “cross-chain bridge” – which is an unnecessarily complex way of saying it’s a currency converter, for crypto. And it is one of the largest in the global blockchain space!
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About a week ago, Multichain underwent an upgrade that caused users’ funds to get stuck in transit (up to 72 hours) when using the bridge.
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Here’s what’s there rumours happened since then: Chinese authorities arrested several Multichain executives (including the CEO) and seized control of $1.6 billion in funds.
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Multichain’s CEO is still MIA and the only one with the necessary server access to solve the “user funds stuck in transit” problem. Many major exchanges are abandoning Mutlichain’s technology.
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Somehow (and this is the craziest thing of all) Multichain’s MULTI token has held up relatively strongly, falling from ~$5 to ~$4 in the last 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 wildfire, so it’s about time we talk about it.
Multichain is a “cross-chain bridge” – which is an unnecessarily complex way of saying it’s a currency converter, for crypto.
And it is one of the largest in the global blockchain space!
About a week ago, Multichain underwent an upgrade that caused users’ funds to get stuck in transit (up to 72 hours) when using the bridge.
Not good. But no big news yet (‘bonfire in the woods’ level).
Since then, a BUNCH of crazy events have been rumored to be happening in quick succession.
These are all yet to be confirmed, but – BIG if true, you know?
Here’s what’s there rumours have happened:
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Chinese authorities arrested several Multichain executives (including the CEO)
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CCP officials took control of a $1.6 billion purse from the company
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People at the company are still unable to reach Zhaojun, the CEO of Multichain
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Zhaojun is the only one with the necessary server access to solve the “user funds stuck in transit” problem
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Most/all major exchanges using Multichain’s technology have abandoned it (at the request of the Multichain team themselves!)
…somehow (and this is the craziest of all) Multichain’s MULTI token has held up relatively strongly, falling from ~$5 to ~$4 in the past 7 days.
Sure, a 20% drop in a week isn’t good, but given the circumstances, this feels like witchcraft.
We’ll tell you more as/when it unfolds.
