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.
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.
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.
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