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• Multichain, a cross-chain protocol, has announced that it is ceasing operations due to its CEO being “taken away” by the Chinese police.
• All MPC nodes and ordinary servers were running under the CEO’s personal account and operational funds were also controlled by him.
• The team was only able to maintain project operations to the best of their abilities through limited access but this was not enough to keep it going.

Multichain Halts Operations Following CEO’s Arrest

Multichain, a cross-chain protocol, has announced that it is ceasing operations due to its CEO being “taken away” by the Chinese police. All MPC nodes and ordinary servers were running under the CEO’s personal account and operational funds were also controlled by him. The team was only able to maintain project operations to the best of their abilities through limited access but this was not enough to keep it going.

What Happened?

On July 14th, Multichain released a statement on its official Twitter handle stating that its CEO Zhaojun had been taken away by the Chinese police in May 2021 which impacted their ability to operate as all MPC nodes and ordinary servers were running under his personal account. Additionally, Multichain’s operational funds and investments were also under control of the detained CEO.

Impact of Detained CEO

Due to lack of information about Zhaojun’s case, the remaining team members could only maintain project operations using limited access they had left but this ultimately proved insufficient for them to be able continue functioning as normal without him present. As such they have decided that ceasing operations is their best option at this time since there are no other viable alternatives available given their current circumstances.

MULTI Price Plunges 15%

MULTI token price plunged 15% following announcement with investors selling off holdings in anticipation of further losses ahead if situation does not improve soon. It remains unclear what will happen next with regards to future development or if company will ever resume activities once again after this unfortunate event takes place.

Conclusion

This news marks an unfortunate event for Multichain whose future prospects remain uncertain at this point in time without any clear indication of when or how things might get back on track again after Zhaojun’s detainment by Chinese authorities earlier this year

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