Multichain collapse
The cross-chain bridge Multichain saw about $130M moved out of its contracts in July 2023 in unexplained 'abnormal' transfers. The team said CEO 'Zhaojun' had been detained by Chinese police in May 2023, taking the protocol's keys with him; Multichain ceased operations.
Also known as: Multichain, Anyswap, Zhaojun
Summary
Multichain was one of the largest cross-chain bridge protocols. In early July 2023, roughly $130 million was moved out of its Fantom, Moonriver, and Dogechain bridge contracts to unknown addresses in what the team called "abnormal" transfers, and it urged users to revoke approvals. [1][2]
Background and shutdown
The outflows followed weeks of dysfunction after CEO "Zhaojun" became unreachable. Multichain later said Zhaojun had been taken away by Chinese police on May 21, 2023, along with his devices, hardware wallets, and key material, and that his sister — who had moved remaining assets for "preservation" — was also detained. With access to its multi-party-computation keys lost, Multichain ceased operations. Chainalysis characterized the episode as a possible hack or insider rug pull. [2][3]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (3)
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
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