Prominent blockchain bridge protocol, Multichain, has seen the problems surrounding it pile up. After speculation arose that Chinese officials detained top executives including its CEO, the protocol has now disclosed that it’s dealing with complications causing disruptions to its cross-chain services and cannot contact its CEO Zhaojun.
After speculation arose surroundingMultichain , leading cryptocurrency exchange Binance started to suspend certain token deposits, and claims suggesting law enforcement seized a wallet linked to the company with $1.6 billion only worsened things.
The troubles deepened on Monday, as per a tweet from Multichain’s account, disclosing that the protocol has grappled with a multitude of challenges due to “unforeseeable consequences”. Despite the team’s best efforts, it was unable to reach its CEO to access key servers.
The alert raised today was instigated by complications with a node network within Multichain, dubbed Router5, which is causing disruptions to the cross-chain services of multiple blockchains.
Consequently, partners have been asked to refrain from invoking smart contracts running on Multichain until the team manages to secure permissions and access to the protocol’s servers.
Multichain, formerly known as Anyswap before a damaging $8 million exploit in 2021, stands as one of the most substantial blockchain bridges in the crypto world. The bridge, which saw its total transaction volumes soar beyond $100 billion earlier this year, enables token exchanges across multiple networks, fostering interaction among ecosystems like Binance Chain, Avalanche, Polygon, and Ethereum.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/01/
