The Multichain team was originally thought to be working on a protocol update, but on Thursday, May 24, the explanation was changed To the ambiguous “force majeure.”
The Multichain team reported that the recovery time of the service is unknown, but there is an intention to subsequently pay compensation to the affected users.
The Block citing correspondence on Twitter and Discord reports that the project’s management may have been detained by Chinese law enforcement authorities.
Several sources say that Multichain co-founder and CEO Zhao Jun is unavailable for communication and his Twitter account has been blocked.
The Multichain protocol was formerly called Anyswap and was known as the DEX crosschain platform.
In early 2021, the Anyswap team removed DEX functionality to focus on bridging services, changing the name to Multichain.
Multichain now provides connectivity infrastructure to 92 major public blockchains, including Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, and Polygon.
Earlier, Chinese officials called on international regulators to tighten oversight of the cryptocurrency industry worldwide to safeguard users from the risks of fraud and losing money.