In short: Multichain Protocol, a decentralized finance platform holding $1.45 billion in value, has been hit by a crisis after its founder, CEO Zhaojun disappeared. The project's native token, MULTI, has declined by over 50% in the last two weeks. The firm reported that controls to several blockchain network routers have been affected, leading to disruption in service for select chains, including Kekchain, Publicmint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, and Planq. There have been rumors of a possible arrest of the founding team members in China.
Our quick analysis:
It’s a bird, it’s a plane, it’s…the disappearing CEO of Multichain! That’s right, folks. The cross-chain protocol has been in a bit of a pickle ever since its founder, Zhaojun, went MIA. And as of four days ago, the drama surrounding his disappearance has led to some significant bumps in the road.
According to a tweet from Multichain on May 31, the team has been unable to locate Zhaojun, which has resulted in a lack of specific controls for several of the blockchain network routers. Translation: things are not running as smoothly as they could be. In fact, the MULTICHAIN token has experienced a 1% decline in the last 24 hours and a decrease of over 50% in the past two weeks.
But what does all this mean for the crypto community? Well, for starters, the absence of Multichain’s CEO has made it difficult for the team to address the problems with the protocol, leading to disruptions in the cross-chain service of select chains. And while the team has attempted to maintain the protocol running, it’s clear that Zhaojun’s expertise is sorely missed.
To make matters even more mysterious, there have been rumors that founding Multichain team members may have been arrested in China. Yikes. It’s a reminder that even in the world of decentralized finance, the impact of political turmoil cannot be ignored.
Despite the uncertainty surrounding Zhaojun’s whereabouts, some members of the crypto community are optimistic that Multichain’s cross-chain protocol will recover. The Fantom Foundation, for instance, has reassured users that the absence of Multichain’s CEO has “no impact on Fantom’s assets and bridging.”
But what do you think? Will Multichain rise from the ashes, or is this the beginning of the end? Share your thoughts and opinions in the comments section below. And remember, folks: in the world of crypto, anything can happen.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
It’s a bird, it’s a plane, it’s…the disappearing CEO of Multichain! That’s right, folks. The cross-chain protocol has been in a bit of a pickle ever since its founder, Zhaojun, went MIA. And as of four days ago, the drama surrounding his disappearance has led to some significant bumps in the road.
According to a tweet from Multichain on May 31, the team has been unable to locate Zhaojun, which has resulted in a lack of specific controls for several of the blockchain network routers. Translation: things are not running as smoothly as they could be. In fact, the MULTICHAIN token has experienced a 1% decline in the last 24 hours and a decrease of over 50% in the past two weeks.
But what does all this mean for the crypto community? Well, for starters, the absence of Multichain’s CEO has made it difficult for the team to address the problems with the protocol, leading to disruptions in the cross-chain service of select chains. And while the team has attempted to maintain the protocol running, it’s clear that Zhaojun’s expertise is sorely missed.
To make matters even more mysterious, there have been rumors that founding Multichain team members may have been arrested in China. Yikes. It’s a reminder that even in the world of decentralized finance, the impact of political turmoil cannot be ignored.
Despite the uncertainty surrounding Zhaojun’s whereabouts, some members of the crypto community are optimistic that Multichain’s cross-chain protocol will recover. The Fantom Foundation, for instance, has reassured users that the absence of Multichain’s CEO has “no impact on Fantom’s assets and bridging.”
But what do you think? Will Multichain rise from the ashes, or is this the beginning of the end? Share your thoughts and opinions in the comments section below. And remember, folks: in the world of crypto, anything can happen.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!