News

Rumor: Multichain Founder Arrested by Police In Shanghai For Investigation

Key Points:

  • According to sources of Wu Blockchain, the founder of the noisy Multichain of the past days has been arrested in Shanghai. The tweet has now been deleted.
  • Earlier, there were also rumors that the police arrested the project development team and took control of the network’s wallets.
  • Cross-chain FUDs started when there was a delay in user trading activity on May 24.
According to a source from Wu Blockchain, the Multichain founder has been arrested by Chinese police in Shanghai for investigation. But now the tweet has been deleted.

The incident started when users noticed an unusual delay in receiving cross-chain funds on the Multichain on May 24. Later, the cross-chain announced that, despite most of the cross-chain routes of the transaction. All modes are working, but due to force majeure, some cross-linking routes have gone offline, and service recovery time is unclear.

A day later, rumors surfaced in the Chinese crypto community that the police had arrested the Multichain network development team. The Chinese police can also control the network’s hardware/cold wallets. Based on speculative claims, the wallet involves around $1.5 billion to $1.6 billion in funds.

However, despite the speculations, the project’s co-founder noted in a Telegram community that the team is in good shape. Co-founder Alfred Xu also pointed out that business will continue normally, and the troubled route will be restored automatically.

A blockchain investigator named BoringSleuth examined the implications of the rumors of arresting Multichain team members. The detective mentioned that the arrest was massive, citing that if the arrest were valid, then one of the most significant criminal organizations in the crypto space would have been arrested. Team members are connected to over 10 enumerator-based carpet pulls.

The incident is still just speculation without verifiable evidence, and it is still ongoing so follow us to get the latest information.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

21 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

44 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.