Binance Suspends Crypto Deposits & Withdrawals Of More Multichain-Bridged Tokens

Binance, world’s largest cryptocurrency exchange, has announced the suspension of support for deposits and withdrawals of several Multichain-bridged tokens starting from July 7, 2023. This decision comes in response to the recent situation with the Multichain (MULTI) protocol, which has faced difficulties.

Binance Suspension of Multichain-Bridged Tokens

Binance in its official blog announced that the affected tokens include 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, and Harvest Finance (FARM) via BNB Smart Chain.

Binance acknowledges the inconvenience caused and emphasizes that the suspension is a result of the ongoing issues with the Multichain protocol. Previously, deposits for multiple Multichain-bridged tokens were already suspended on May 25, 2023 after Multichain mishap.

While most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically. Multichain will compensate users who are affected during this process, and the compensation plan will be announced later.

Multichain (Previously Anyswap), May 25, 2023

While deposits and withdrawals are halted on Binance, the wallets holding these assets on other networks remain accessible.

Update On Multichain and Price

The situation surrounding Multichain has been tumultuous, with reports of some bridges being unavailable and the protocol’s co-founder and CEO, Zhao Jun, allegedly disappearing and becoming the subject of a police investigation. Fantom was impacted significantly by the suspension of Multichain cross-chain bridge services.

CoinGape reported on June 05 that some cross-chain bridges of the Multichain protocol are back online after on-chain experts confirmed transactions. There has been no update since then. As a precautionary measure, Binance will await clarification from the Multichain team before considering reopening deposits for these bridging tokens.

The market price of Multichain (MULTI) currently stands at $3.22, reflecting a 3.95% decrease. As per calculations, Multichain to reach $100, it will need to rise by 24 times. If Multichain were to rise at 25% every year, it would take 8.5 years to reach $100.

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