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- Multichain CEO has gone missing!
GM, this is The Crypto Explorer, the only newsletter with headlines so hot our writer can't stand the heat! 🥵
Here’s what we got for you today:
🤯 Multichain CEO Gone Missing!
There’s trouble in Multichain paradise. 😱
On May 31, it was revealed that the CEO of the cross-chain protocol Multichain, Zhaojun has gone missing.
And the rumors are spreading like wildfire.🔥
Word on the street of Twitter is that the Chinese police arrested Multichain’s team and confiscated $1.5 billion in smart contract funds.
It's rumored that the multichain team has been arrested by the Chinese police, with 1.5 billion dollars of contract funds under control, and some team members transferred 494200 multi tokens from the team address to gate today. Please be aware of the risks.
$multi #MultiChain— 0xfleet (@0xfleet)
11:22 AM • May 24, 2023
Some companies lose assets, others access to their servers and keys but losing a CEO? That's a new one! 🤣
Good thing this is all unconfirmed, as of now.🤞
Now, let's talk about the technical woes Multichain has been facing.
Over the past week, Multichain had experienced technical problems, resulting in delayed transactions across various cross-chain bridges.
According to a tweet from Multichain, they can't fix it because they don't have that level of access. Only the CEO does.
In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for… twitter.com/i/web/status/1…
— Multichain (Previously Anyswap) (@MultichainOrg)
4:12 PM • May 31, 2023
Isn't that level of access supposed to be decentralized?
It seems like decentralization is just a buzzword even in DeFi. 🙄
The team decided to suspend services for more than 10 chains to safeguard the interests of users.
The affected chains are Kekchain, Public Mint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, and Planq.
Everything is going to sh*t because one guy is missing.🤨
😰 Rumours Cause Trouble for Gate.io!
Gate.io, a Cryptocurrency Exchange, has experienced a significant outflow of $150 million within 24 hours. 😱
Rumour has it that Gate.io is under police investigation and it allegedly has ties to the troubled cross-chain router protocol Multichain.
And to make matters worse, images are floating around Twitter, supposedly backing the rumours.
How’s Gate.io responding to all this?
They've stepped forward to dismiss these rumors as nothing more than FUD.
The Exchange assures its users that its operations are running smoothly and that withdrawals are not affected in any way.
Where have we heard that before? 🤔
Oh yeah, FTX!
But can we trust their word, or is this a strategic move to regain trust? 🤨
🧱 Around The Block: OpenAI CTO’s Twitter was Hacked to Promote a “Scam” crypto airdrop.
👺OpenAI CTO's Hacked: OpenAI CTO’s Twitter was hacked to promote a ‘scam’ crypto airdrop.
🤯 Insider Trading: Dogecoin investors accuse Elon Musk of insider trading in an amended class-action lawsuit.
🤑 CBDC: Standard Chartered, PwC make case for programmable CBDC in China Greater Bay Area.
⚖️ Liquidation Plan: Fed board issues an order to Silvergate Bank as part of the self-liquidation plan.
That's all we've got for you today.
Please don't forget to rate today's email and let us know what you like about it.
In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.
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