- Bobie confirmed Zksync Era/Kava EVM/Avax C-Chain Multichain service is back in action.
- He also noted that Multichain’s CEO ZhaoJun has been released from jail.
- Multichain suspended cross-chain services on account of its inability to contact its CEO.
Bobie, the founder of Web3 knowledge graph protocol 0xScope, has confirmed that the Zksync Era/Kava EVM/Avax C-Chain Multichain service is back in action. In a tweet, Bobie also noted that Multichain’s CEO ZhaoJun has been released from jail.
To prove his claim, Bobie shared some transaction screenshots that show Multichain has resumed operations with cross-chain bridges. He specifically highlighted a particular transaction, sharing the contract address, as evidence that Multichain is up and running.
On May 31, 2023, Multichain, one of the largest bridging protocols in the crypto industry, suspended cross-chain services on account of its inability to contact its CEO, Zhaojun. The project claimed that not reaching their CEO meant they could not obtain the necessary server access for maintenance.
Bridges like Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, and Planq went offline after the announcement. That led to the inability of users to execute cross-bridge transactions for a couple of days.
A rumor emerged that Zhaojun was among other Multichain executives arrested in China. The uncertainty surrounding the incident triggered a ripple effect that traversed the project’s ecosystem. Even the project’s native token, MULTI, suffered the impact of the setback. The MULTI token closed under its opening price for four consecutive days.
With the reported release of Zhaojun on June 5 and the consequent resumption of bridge services, MULTI jumped by 47% in just a few hours. The price rose from $3.560 to $5.210 before retracing in volatile market behavior. As of writing time, MULTI traded at $4.341, aiming to rally toward the local high of $5.345 ahead of a possible total recovery.
As of the time of writing, Multichain was yet to make an official announcement about the resumption of services and the release of Zhaojun.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
