Cross-chain protocol Multichain announced on 14 July its decision to halt all operations, citing lack of alternative sources of information and corresponding operational funds. This follows an alarm raised by blockchain analytics company Chainalysis, pointing towards a possible insider “rug pull”. The Multichain team said it has been unable to reach its CEO, Zhaojun since his arrest by Chinese authorities in May 2023. With all operational funds and investments under Zhaojun’s control, his detention prompts the decision to cease operations.