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Recently hacked cross-chain router protocol MultiChain announced that it was ceasing its operations, citing a lack of operational funds and information about its CEO, Zhaojun, being in the custody of Chinese police. The latest update provided by the team confirmed the rumors regarding the arrest of the executive.
On July 14, Multichain revealed on Twitter that Zhaojun has been out of touch with the team since being apprehended from his home by Chinese police. His sister was also taken into custody.
multichain stops
On contacting the MPC node operators, the team was informed that their operational access keys to the MPC node servers had been revoked. They pointed out that the MPC node servers in question were running under the personal cloud server account of the CEO and he had sole access to it.
The team also learned that all of Zhaojun’s computers, phones, hardware wallets and memorabilia were confiscated by the authorities.
“Since the launch of the project, all operating funds and investments of the investors have been under the control of Zhaojun. This also means that Zhaojun and the police have access to all of the team’s funds and servers.
The Multichain team said that they refrained from disclosing unauthorized information about the case to the public as suggested by the lawyers.
Daily operations were carried out with the help of existing access to the servers that had not been revoked, as well as with the assistance of Zhaojun’s sister, who reportedly transferred the remaining user assets to the router pool and subsequently the team and this The property was communicated to several project parties. protection action.
With Zhaojun’s sister also out of touch, the Multichain team said the status of the protected assets remains uncertain.
$130 Million Exploited and Then Exposed
Multichain – formerly known as AnySwap – suffered an $8 million exploit in 2021.
But problems first surfaced in late May this year, including rumors of the protocol’s management team being arrested in Shanghai after the CEO went missing. It later escalated after a $130 million exploit earlier this week.
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[ad_1]
Recently hacked cross-chain router protocol MultiChain announced that it was ceasing its operations, citing a lack of operational funds and information about its CEO, Zhaojun, being in the custody of Chinese police. The latest update provided by the team confirmed the rumors regarding the arrest of the executive.
On July 14, Multichain revealed on Twitter that Zhaojun has been out of touch with the team since being apprehended from his home by Chinese police. His sister was also taken into custody.
multichain stops
On contacting the MPC node operators, the team was informed that their operational access keys to the MPC node servers had been revoked. They pointed out that the MPC node servers in question were running under the personal cloud server account of the CEO and he had sole access to it.
The team also learned that all of Zhaojun’s computers, phones, hardware wallets and memorabilia were confiscated by the authorities.
“Since the launch of the project, all operating funds and investments of the investors have been under the control of Zhaojun. This also means that Zhaojun and the police have access to all of the team’s funds and servers.
The Multichain team said that they refrained from disclosing unauthorized information about the case to the public as suggested by the lawyers.
Daily operations were carried out with the help of existing access to the servers that had not been revoked, as well as with the assistance of Zhaojun’s sister, who reportedly transferred the remaining user assets to the router pool and subsequently the team and this The property was communicated to several project parties. protection action.
With Zhaojun’s sister also out of touch, the Multichain team said the status of the protected assets remains uncertain.
$130 Million Exploited and Then Exposed
Multichain – formerly known as AnySwap – suffered an $8 million exploit in 2021.
But problems first surfaced in late May this year, including rumors of the protocol’s management team being arrested in Shanghai after the CEO went missing. It later escalated after a $130 million exploit earlier this week.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
