Crypto Community Shaken Amid Multichain’s Founder Arrest in China
CoinEdition
Published May 31, 2023 08:20AM ET
Updated May 31, 2023 08:30AM ET
Crypto Community Shaken Amid Multichain’s Founder Arrest in China
- Founder of Multichain arrested in China, sparking concerns over $1.6B in funds.
- Speculation suggests that Chinese police may control the network’s hardware and cold wallet.
- Transaction delays and criticism led to a sharp price drop for Multichain’s token.
In a stunning turn of events, the founder of Multichain, a prominent blockchain network, has been taken into custody by Chinese authorities for investigation. This development comes as a surprise to many, especially those who have been praising China’s new crypto policies.
Speculation surrounding the arrest suggests that the Chinese police may now have control over the network’s hardware and cold wallet, potentially involving $1.6 billion in funds.
While the situation remains fluid and speculative, the arrest of Multichain’s founder has sent shockwaves throughout the crypto space. As the investigation unfolds, the fate of the seized funds and the impact on Multichain and its affiliated projects hangs in the balance, leaving investors and enthusiasts anxiously awaiting further developments.
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