Crypto Project Multichain Shuts Down, Says CEO Arrested in China
- Multichain saw big outflows of funds after CEO disappeared
- Total value locked on platform has plunged to $139 million
The Multichain website.
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Multichain, a crypto project that connects different blockchains, said it’s shutting down after learning that its founder was taken away by Chinese police.
In a Twitter post on Friday, Multichain provided details around the sudden disappearance of its founder and chief executive, identified only by the name Zhaojun, in late May. Multichain is a so-called crypto bridge, which allows users to swap digital tokens across the various blockchains they run on.