Published Jul 14, 2023 05:56AM ET Updated Jul 15, 2023 08:20AM ET
Cross-chain protocol Multichain has announced that it is “forced to cease operations” due to a lack of operational funds. The announcement follows a report from blockchain analytics firm Chainalysis saying that withdrawals appear to be a “rug pull” by insiders.
On July 14, Multichain’s official Twitter account announced that it would be halting its operations. The team said that a “lack of alternative sources of information and corresponding operational funds” has forced it to shut down its business activities.
Multichain stops operations over lack of funds