2023-06-04 08:31:02
Four days ago on May 31, 2023 the Multichain project announced on Twitter that they might not find the company’s CEO. As a result, controlling multiple blockchain network routers became problematic. This was all that was needed for the project’s native token, MULTI, which lost more than 50% of its price in the last two weeks.
Multichain’s project is in big trouble
Multichain is a cross-blockchain protocol that allows users to move assets between different blockchains. Multi’s DeFi platform currently has roughly $1.45 billion locked up. The Multichain team just a few days ago posted regarding it toothat the protocol is facing serious problems, mainly because the server access required for maintenance is not possible due to the disappearance of the CEO Zhaojun. It was also revealed from one of their tweets that the movements between blockchains do not really work for multiple blockchains. The chains of Kekchain, Publicmint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq were also named.
By the way, there is still no news regarding where the head of the company might have gone, although many suspect that he might have been arrested in China. In addition to his fate, many people are also worried that how his absence will affect the amount pledged on Multichain from the Binance Smart Chain (BSC), Ethereum and Polygon chains. Fantom’s blockchain is responsible for the largest amount committed, but they rushed to say that at the moment Multichain’s problems have no effect on Fantom’s assets and the bridge between the two chains. Regardless, users are eagerly awaiting the latest news. In addition, there is sometimes a quite critical conversation regarding how decentralized the entire protocol was if the leader’s disappearance might have such an impact on the chain.
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