On May 31, 2023, it was stated that the CEO of an altcoin project was missing. Even the subject cryptocoin.com We announced it to our readers. However, at the point we have reached, we see that there is a collapse in the cryptocurrency. Let’s look at the details.
Altcoin crashed
Four days ago, on May 31, 2023, cross-chain protocol Multichain made the announcement on Twitter. He stated that the team could not locate the CEO of the firm. As a result, the controls of several blockchain network routers were broken. The project’s cryptocurrency altcoin MULTI has experienced a 1% drop in the last 24 hours. It also recorded a drop of over 50% in the last two weeks. This week, the cryptocurrency community is discussing the Multichain Cross-Chain Router Protocol after the team announced that its founder has disappeared. Multichain’s bridge technology allows users to transfer assets between different blockchain networks. At the time of this writing, the decentralized finance (def) platform was valued at $1.45 billion.
“Over the past two days, the Multichain protocol has experienced multiple issues due to unforeseen circumstances,” the team said on Wednesday. The Altcoin team did everything possible to keep the protocol working. However, we are currently unable to contact CEO Zhaojun. Therefore, we cannot provide the necessary server access for maintenance.” used the phrases.
The absence of a CEO is a big problem.
Multichain emphasized that there are problems with router technology. He explained that this, in turn, is causing disruptions to the regular cross-chain service of certain chains. According to the tweet from Multichain, Zhaojun’s absence resulted in the lack of certain controls. Ultimately, this made it difficult to adequately address the issue. The team also noted that Kekchain, Publicmint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq are among the chains affected. There are rumors that Multichain’s founding team members may have been arrested in China. Moreover, people are discussing how the problem could be for most of the value locked in Multichain from much larger blockchain protocols such as Binance Smart Chain (BSC), altcoin Ethereum and Polygon. The phantom blockchain is the blockchain with the most Multichain. It is followed by BSC, Optimism and Kava.
The Phantom Foundation stressed that the absence of Multichain’s CEOs “has no impact on Phantom’s assets and bridging.” Despite Multichain’s first tweet, there are no later updates on Zhaojun’s whereabouts. Following this event, the project’s token, altcoin MULTI, witnessed a significant drop in value. It has fallen by over 50% in the last two weeks.
