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Remember Multichain, the bridging network that suffered unauthorized withdrawals<\/a> of over $130 million, allegedly involving its CEO?<\/p>\n It suspended operations in July after disclosing that CEO Zhaojun and his sister were behind transferring a large amount of tokens from its bridging networks to externally owned addresses.<\/p>\n Now, some of the platform\u2019s developers are getting back in the game with a new project, ValueRouter, that looks quite a bit like Multichain.<\/p>\n And it\u2019s safe to say people don\u2019t like it.<\/p>\n Multichain, previously known as Anyswap, enabled users to bridge their cryptoassets across different blockchain networks.\u00a0<\/p>\n ValueRouter looks similar, as its website<\/a> explains: \u201cSwap any asset for your desired asset across multiple chains in just one transaction.\u201d<\/p>\n The new venture, announced<\/a> Friday, seems to enable users to transfer or exchange assets between Ethereum, Avalanche, Optimism and Arbitrum blockchains.<\/p>\n \u201cValueRouter is a unified protocol that simplifies multi-chain asset swaps by integrating Circle CCTP and DEXes, empowering developers to build cross-chain dApps and enabling users to effortlessly route assets to any major DeFi platform,\u201d the team said.<\/p>\n It utilizes a multi-party computation system, similar to a multi-signature wallet, which is much like how Multichain operated.<\/p>\n The news sparked surprise among some, with crypto sleuth ZachXBT suggesting<\/a> the team should address the $125 million that\u2019s unaccounted for before embarking on a new project.\u00a0<\/p>\n Nick SR, who manages social media for the Fantom Foundation, remarked<\/a>, \u201cToo soon.\u201d<\/p>\n In July, Multichain urged users to halt bridge activities due to unauthorized withdrawals.<\/p>\n The Fantom ecosystem was hit particularly hard by Multichain\u2019s failure; its already suffering total value locked (TVL) cratered following the unauthorized withdrawals, which ultimately forced the Fantom-based SpiritSwap DEX to shut down<\/a>.<\/p>\n Multichain later revealed<\/a> that its CEO Zhaojun had been detained by Chinese authorities since late May, and his devices and recovery phrases were confiscated.<\/p>\n Zhaojun\u2019s family allegedly gained access to the cloud server platform using information from his home computer, and granted only limited access to the team just to address some tech issues.<\/p>\n A Multichain team member earlier told<\/a> Blockworks that tokens affected by the large withdrawals lacked collateral, leaving users without a quick solution. They added that Zhaojun couldn\u2019t perform the withdrawals independently as the police controlled the server access.\u00a0<\/p>\n As of last month, the team had no plans to reimburse users for the unauthorized withdrawals.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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