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Multichain, the blockchain technology firm, has closed operations after a tumultuous series of events starting with the arrest of its CEO, Zhaojun, on May 21, 2023. The incident has led to operational difficulties due to the seizure of Zhaojun’s personal devices, containing the keys to Multichain’s server access and financial assets.
In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for…
— Multichain (Previously Anyswap) (@MultichainOrg) May 31, 2023
In a long tweet, Multichain laid out the details of why the firm was closing:
“Due to the lack of alternative sources of information and corresponding operational funds, the team is forced to cease operations.”
Upon arrest, Multichain was not able to get in contact with the CEO, and all of the MPC node servers were under Zhaojun’s personal cloud account, leaving the team unable to maintain normal operations. All the funds and investments held by Zhaojun, are currently inaccessible.
The team used the remaining access to non-MPC servers and stayed transparent with their community, updating them about the ongoing issues. Zhaojun’s family, after accessing his home computer, allowed MultiChain team engineers limited access to resolve certain technical problems. However, this was not enough to keep operations afloat:
“All of Zhaojun’s computers, phones, hardware wallets, and mnemonic phrases
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Author: Emily Tonelli
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