The team behind cross-chain protocol Multichain said May 31 that they are unable to contact their CEO, who is known only as Zhaojun.

As a result of the executive’s absence, the team said it is unable to access project servers.

CEO is AWOL

Zhaojun’s Twitter account has not displayed any activity since May 24, and there are unconfirmed rumors that Multichain executives have been arrested in China.

Multichain also reported an issue with Router5’s scanning node network in today’s update. The team said that this issue is “beyond its permissions and ability.” It said that it has chosen to suspend cross-chain services for 11 affected chains.

The team also asked partners to stop calling smart contracts related to the affected chains.

The project said that an identical issue previously occurred on Router2.

Issues ongoing for a week

Multichain began to experience transaction delays on May 23. While the project initially reported temporary problems due to an update, certain issues persisted.

The project cryptically blamed its issues on a “force majeure” on May 24 and gave few details about the cause of its issues. Its announcement today that it is unable to access its servers suggests deeper organizational issues.

The crisis led Binance to temporarily halt deposits for Multichain-related tokens, while Multichain’s own token lost a significant amount of value.

Multichain’s MULTI token is down 22.2% over the past seven days. Bitcoin, as a benchmark for the overall market, is up 3.0% over the same period.

The post Multichain unable to contact CEO, has no access to project servers appeared first on CryptoSlate.

---

Filed under: Bitcoin - @ May 31, 2023 8:25 pm