Crypto token MULTI crashes as Multichain confirms CEO missing
Troubled cross-chain protocol Multichain reported on Wednesday that its chief Zhaojun is missing , adding to rumors that its top executives have been arrested in China. According to Multichain, Zhaojun had sole access to servers that have experienced technical problems over the past week which led to delays across multiple cross-chain bridges. The instability of the protocol and concerns that locked assets may be compromised has sparked a major sell-off of the project’s token , MULTI. Multichain had $1.5 billion in total value locked (TVL). As previously reported by Protos, Multichain was formerly known as Anyswap. The protocol was hacked in 2021, leading to a rebrand. If it were to be compromised again, bridged token s would become worthless, leaving dependent blockchains like Fantom vulnerable. In response to the news, Binance suspended deposits for 10 bridged tokens on May 25. Fantom Foundation removed $2.4 million in MULTI from liquidity via SushiSwap. Several large holders ...