Crypto Bridging Protocol Multichain ‘Unable to Contact’ CEO Zhaojun

Multichain's team says it cannot maintain some cross-chain bridges without getting access permissions from its AWOL chief.

AccessTimeIconMay 31, 2023 at 5:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Multichain, one of largest bridging protocols in the crypto ecosystem, said Wednesday it was suspending cross-chain routes and revealed that its CEO Zhaojun could not be contacted.

“In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances,” the account tweeted. “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 maintenance.”

  • SEC Asking for Ether ETF Filings Update Is 'Somewhat Surprising': Legal Expert
    00:38
    SEC Asking for Ether ETF Filings Update Is 'Somewhat Surprising': Legal Expert
  • MOG Rallies on Anticipation of Spot Ether ETF Approval
    00:56
    MOG Rallies on Anticipation of Spot Ether ETF Approval
  • Ether Jumps on Spot ETF Hopes; Hex Trust Issues Stablecoin on Flare
    01:59
    Ether Jumps on Spot ETF Hopes; Hex Trust Issues Stablecoin on Flare
  • 'Sky Is the Limit' for Bitcoin: Expert
    00:53
    'Sky Is the Limit' for Bitcoin: Expert
  • Without server access the remaining team revealed it could not keep the bridges online for  Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq.

    After days of rumors, the disclosure of Multichain’s server access issues served to confirm that at least one key team member has gone AWOL. Zhaojun has not responded to CoinDesk via Telegram since being contacted when problems first arose last week.

    Multichain’s native token MULTI was trading around $4.11 at press time, having lost nearly half its value in the past seven days.

    Edited by Danny Nelson.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sage D. Young

    Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.