Multichain CEO's Telegram Return Fuels Speculation

Zhaojun He, the co-founder and CEO of Multichain, a cross-chain bridging protocol, has recently shown signs of activity on Telegram. This development comes after a prolonged period of inactivity following his detention by Chinese authorities in May 2023.

As of January 16, 2024, Zhaojun’s Telegram profile indicated he was “last seen recently,” a change from the previous status of “last seen a long time ago.” This subtle update suggests some form of recent engagement with the account, though it remains unclear whether Zhaojun himself accessed it.

Multichain Incident and Its Aftermath

Zhaojun’s detention last year sent shockwaves through the crypto community, particularly as he maintained centralized control over Multichain’s assets and servers. Following his arrest, there were reports of unauthorized transfers and withdrawals from user accounts on Multichain.

Andre Cronje, the co-founder of Fantom protocol and a victim of the Multichain incident, shed light on the situation. According to Cronje, the Chinese police were investigating a large-scale scam and tracked stolen funds that had been bridged via Multichain. This led to the arrest of several node operators and the seizure of assets by the authorities as part of the investigation.

Legal Efforts and Regulatory Challenges

Fantom, significantly impacted by the incident, is actively working with law firms in Singapore to recover the misappropriated assets. However, efforts in Mainland China are facing hurdles, with Fantom struggling to represent all affected users in legal proceedings. Cronje notes the typically slow pace of regulatory and legal resolutions in cases involving criminal investigations.

The Chinese government’s stringent approach to Web3 and blockchain firms has intensified since last year, focusing on operations within Mainland China, where cryptocurrencies remain illegal. This crackdown has effectively reduced instances of money laundering and crypto scams. However, it has also inadvertently affected foreign investors and users of Chinese blockchain protocols who were not involved in criminal activities.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

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