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News

Binance Stops Depositing And Withdrawing Of Multichain Tokens From July 7th

July 5, 2023 - Around 2 mins mins to read

Key Points:

  • Binance will suspend support for deposits and withdrawals of Multichain cross-chain bridge tokens from July 7.
  • The announcement comes after Deposits for Multichain Bridge Tokens were suspended on 5/24/2023.
  • There are 8 tokens that will be affected until further notice.
According to the official announcement, Binance will suspend support for the deposit and withdrawal of Multichain cross-chain bridge tokens minted through the following network from 08:00 on July 7 until further notice.
Binance Stops Depositing And Withdrawing Of Multichain Tokens From July 7th

There are 8 affected tokens, including:

  • Polkastarter (POLS) via BNB Smart Chain
  • Alchemy Pay (ACH) via BNB Smart Chain
  • Beefy.Finance (BIFI) via Fantom Network
  • SuperVerse (SUPER) via BNB Smart Chain
  • Travala (AVA) via Ethereum Network
  • Spell Token (SPELL) via Avalanche C-Chain
  • Alpaca Finance (ALPACA) via Fantom Network
  • Harvest Finance (FARM) via BNB Smart Chain

This is Binance’s latest move towards the troubled Multichain cross-chain bridge. Previously, Binance had temporarily suspended the top-up of tokens via the project-linked bridge the day after this incident. Deposits for pairs POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC and DEXE-BSC have been affected by This situation.

The event started on May 24, the Twitter social network stirred up information that the authorities had arrested the Multichain team in China. At the same time, many on-chain signs indicate suspicious movements related to the MULTI token.

Binance Stops Depositing And Withdrawing Of Multichain Tokens From July 7th

Multichain has confirmed that some of the project’s cross-chain remittance gateways are not working due to “force majeure reasons, ” with unknown recovery time.

Multichain pledged to compensate affected users fully but did not disclose any further information on the compensation plan.

Data tracking site Lookonchain has detected moves to transfer large amounts of MULTI tokens to the Gate exchange. This increasingly worries the users of this bridge.

According to the update, some cross-chain bridges of the Multichain protocol have been restored and are now operational as of June 5. Tung Dinh, Vice President of Multichain, confirmed the restoration of the Multichain router2 router, showing that the core component of the bridge is back to normal. There is also speculation about the condition of Multichain’s co-founder and CEO, Zhao Jun, that he may have been released from prison.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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