One of the bridges to zkSync, Multichain, is currently down.

Multichain is based out of China and the rumor mill is flying. The current rumor is that the team has been arrested and the Chinese government has control of their hardware wallet. Multichain has $1.8 billion of assets under their management.

No one really knows what is going on, but they suspended the bridge on three chains including zkSync. What this means is that if there is an issue with the backing, that zkSync assets bridged by Multichain might not be backed 1:1.

If this is announced there will likely be a max dash to bridge these assets back to a chain where they are backed 1:1. The more that are bridged, the less they become with on zkSync.

This is likely reading too much into the situation, but just keep an eye out.

Just Sun withdrew ~$500k from Multichain and I don’t trust him with a 5 foot pole.

submitted by /u/pbjclimbing
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