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Asia Express – Cointelegraph Magazine

Decentralized Web 3 cross-chain router allegedly under control of one-man

– Chinese decentralized cross-chain bridge protocol Multichain announced that it would cease operations after three years.
– The co-founder and CEO of Multichain, Zhao Jun, and his sister, who allegedly held the private keys to over $1.5 billion in users’ crypto stored on Multichain, were arrested by Chinese police.
– Users reported funds not arriving, and Multichain staff responded that the delay was due to a backend node upgrade taking longer than expected.
– Zhao Jun’s arrest by Chinese police was already known to some users, but the co-founder Alfred Xu denied the rumors and assured that all team members were safe.
– Multichain continued to promote its cross-chain protocol despite the concerns.
– Users noticed unauthorized withdrawals from Multichain’s Fantom Ethereum bridge, leading to fear that Multichain was hacked.
– Multichain developers stated that user assets were transferred abnormally to unknown addresses, and Zhao Jun’s sister transferred the remaining assets to her controlled wallet addresses.
– Multichain’s development team can no longer function because only Zhao Jun and his sister had access to operational funds, users’ assets, Multichain servers, and the website.
– The reason for Zhao Jun’s arrest and the details of his case remain unknown.
– Multichain’s users may face the possibility of their funds being seized by the state if they are considered proceeds of crime.

Binance’s unusual anniversary gift to employees: Unemployment

– On Binance’s sixth anniversary, the exchange reduced its staff count by as much as 1,000 out of 8,000 employees.
– The layoffs primarily affected the global and customer service sectors.
– It was reported that ongoing reorganization and the U.S. Department of Justice investigation were reasons for the layoffs.
– Binance’s CEO, Changpeng Zhao, stated that the media reports regarding the layoffs were inaccurate.
– Despite the layoffs, Binance is still hiring and has 96 positions available.
– Binance also ceased employee reimbursements for items such as mobile phones and fitness, citing the current market environment and regulatory climate.
– Binance is currently facing litigation with the U.S. Securities and Exchange Commission and the U.S. Commodities and Futures Trading Commission.

– Written by Zhiyuan Sun, a journalist at Coinpostman specializing in technology-related news.

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