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Multichain Says it Can’t Fix Ongoing Issues as It Is Unable to Contact CEO
Multichain’s team stated it is unable to resolve the current issues facing the protocol as it lacks the needed access and can’t contact its CEO to obtain the necessary permissions.
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This Wednesday, the cross-chain router protocol Multichain announced its team is currently unable to fix the ongoing network issues. According to the announcement, a major reason for this is the fact that the staff lacks the necessary permissions and is unable to contact its CEO.
Multichain Says It Can’t Contact Its CEO
On May 31 Multichain, the cross-chain router protocol, announced that it is unable to correct the multiple issues it has been affected by over the previous two days. According to the Twitter post, the team lacks the necessary permissions and access required for maintenance.
Multichain also revealed it is currently unable to obtain the required permissions as it is unable to contact Zhaojun, its CEO. Multichain has been experiencing a series of issues over the previous weeks and a rumor emerged last week that at least part of its team was arrested in Shanghai.
The protocol also stated that the problems it is currently facing are affecting multiple chains specifying that these are Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, and Planq.
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Multichain Facing Problems For Several Weeks
Multichain has been facing a series of issues for several weeks sparking widespread concerns within the community. Last week, following the rumor that the team was arrested in China, the protocol denied the rumor and stated the pending transaction would be automatically completed as quickly as possible.
At the time, Multichain also blamed the issues on “force majeure” and stated it would compensate all affected users. It, however, also stated it would reveal the exact compensation plan at a later date.
The problems with the protocol caused multiple major cryptocurrency entities to either remove liquidity from the MULTI token or withdraw assets from Multichain. These include HashKey Group, a Chinese cryptocurrency investment firm that recently started seeking unicorn status, the Fantom Foundation, and Justin Sun.
Do you think Multichain will manage to resolve the issues it is facing? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
