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Rumors that a few teams got arrested: Multichain, Gate.io, CNHC, etc.

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harryji
78
10 months agoSteemit3 min read

There are rumors that a few crypto teams got arrested lately: Multichain, http://Gate.io, CNHC, etc.
Similarity is they all touched/facilitated outflow of dirty onshore rmb in one way or another.
Stay away from RMB and be careful to connect to small size newly established protocols.

Some Chiniese who have heard about this matter said that this case involved some corrupt government officials.
This action appears to be a statement by the Xi Jinping government that crypto cannot help corrupt government officials in any way.

Multichain Leader Missing

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The CEO of Multichain, Zhaojun, has gone missing. This has led to concerns about the security of the Multichain protocol and the safety of user funds.

The Multichain protocol is a cross-chain bridging protocol that allows users to transfer assets between different blockchains. It has become increasingly popular in recent months, as it has made it easier for users to participate in decentralized finance (DeFi) and other applications that require cross-chain functionality.

The disappearance of Zhaojun has raised concerns about the security of the Multichain protocol. Zhaojun is the only person who knows the private keys to the Multichain treasury, which contains a significant amount of user funds. If Zhaojun is unable to be located or contacted, it could be difficult or impossible to access these funds.

The Multichain team has said that they are working to address the situation and that they are confident that user funds are safe. However, the disappearance of Zhaojun has shaken the confidence of many users in the Multichain protocol. It remains to be seen how this situation will be resolved.

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Recommendation

IMO, for the time being it may be better to stay away from Gate.io, Multichain, CNHC and some China based relatively small size exchanges and newly founded DeFi and Chains.

  • Do your research: Before using any exchange or protocol, be sure to do your research and understand the risks involved.
  • Use a reputable exchange or protocol: There are many reputable exchanges and protocols available. Be sure to choose one that has a good reputation and a track record of security.
  • Store your funds in a secure wallet: Once you have purchased cryptocurrency, be sure to store it in a secure wallet. A hardware wallet is the most secure option, but a software wallet can also be used.
  • Be careful about what you click on: Phishing scams are common in the cryptocurrency industry. Be careful about what links you click on, and never enter your private keys into any website.

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