Ending weeks of speculation, Cross-chain project Multichain has confirmed that CEO Zhaojun is currently lodged in jail after being arrested by the Chinese authorities on May 21, 2023. In a Twitter thread, the team shed light on its current state of affairs, the founder’s possible release, and an important update on the user funds locked on […]
Multichain
Chainalysis Explores Multichain $127M Withdrawals Mystery & A CEO Gone Rogue
Last week, cross-chain bridge protocol Multichain experienced unusually large, unauthorized withdrawals to the tune of over $127 million in assets. The team announced that it was launching an investigation, shutting down the asset bridge, and advising users to cancel any contract permissions. The unprecedented suspicious outflows raised concerns of a hack and even led to […]
Multichain Flags ‘Abnormal’ Assets Outflows; $127M Moved
Multichain Bridge saw a massive outflow of over $127 million in assets. The team announced on Twitter that it is unsure right now, is conducting an investigation, and has paused the asset bridge. Users were advised to revoke approvals to the bridge if had any. The lockup assets on the Multichain MPC address have been […]
Gate.io Clarifies Its Liquidity Status After Insolvency Rumours
Leading CEX Gate.io asserted that there are no issues with its operations or withdrawals in response to the widespread reports of illiquidity. “First, we want to emphasize that Gate.io is an established and well-operated exchange. We remain committed to providing users with secure, efficient, and reliable digital asset trading services.” In the blog post dated […]
Multichain reimburse $2.6M of the stolen assets; proposes a Security Fund
Web3 cross-chain router Multichain formerly Anyswap announced that it has recovered roughly $2.6 million which is 50% of the lost funds from the recent liquidity pool and router contract exploits first identified on Jan 10, 2022. Following the attack, Multichain ask users to withdraw approvals for the vulnerable smart contracts. Unfortunately, the warning led to […]
Multichain secures $60M funding from Binance Labs to boost Web3 adoption
Multichain which was formerly named Anyswap, a cross-chain protocol raised a $60 million financing round worth $1.2 billion led by Binance Labs today. According to the press release, the series of rounds was joined by several other well-known investors such as Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive […]