Yet another Fantom project shuts down after its treasury funds became stuck as part of the $1.5 billion Multichain hack.
SpiritSwap, a decentralized exchange built on smart contract platform Fantom, will wind down operations from Sept. 1, citing exposure toIn the Aug. 9 announcement via Discord, developers revealed that the Multichain hack left SpiritSwap's entire treasury drained and, therefore,"without the means to finance essential aspects of our operation," including operational costs, salaries and marketing. The team says it is looking for"a team to take over" the DEX by Sept. 1.
After months of speculation, Multichain developers disclosed that co-founder and CEO Zhanojung He was arrested by Chinese police in May on unknown charges. He allegedly held all access to Multichain private keys and servers when he was detained. Despite a lack of information on his detention, funds belonging to Multichain and its users have been swapped for stablecoins as well as private coins and transferred out of the protocol.
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