Breaking: Binance Suspends Crypto Deposits As Multichain CEO Remains Missing

The world’s largest crypto exchange Binance on Thursday said it is temporarily suspending deposits for several bridged network tokens as clarifications from the Multichain team remain pending.

Meanwhile, multiple sources claim Multichain co-founder and CEO Zhao Jun is currently missing and is suspected of being investigated by the police. Fusion Foundation founder and co-founder Qian Dejun confirmed that he can’t reach Zhao Jun as he remains unavailable.

Binance Seeks Clarity from Multichain

Crypto exchange Binance in a tweet on May 25 announced a temporary suspension of deposits for bridged tokens related to Multichain. The exchange may reopen deposits only after clarity from the Multichain team.

Binance has suspended deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. The deposits for these assets on other networks remain open.

Multichain confirmed earlier that most cross-chain routes of the Multichain protocol are functioning normally, but some cross-chain routes are unavailable due to “force majeure” and the time to restore service is unknown. Multiple users reported funds stuck in the bridge for many hours. The team agreed to compensate users for their losses.

Fantom Foundation withdrew $2.4 million of the protocol’s native MULTI tokens on SushiSwap. HashKey Group moved $250,000 to crypto exchange Gate.io, and Tron founder Justin Sun withdrew 470,000 USDD stablecoin. Fantom Foundation is majorly affected by Multichain cross-chain routes unavailability, followed by BSC and Optimism.

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MULTI Price Fell 40%

Fusion Foundation and former co-founder of Multichain Qian Dejun took to Twitter to regarding the situation at Multichain. He said:

“I also hope that there is nothing serious about multichain. Although I am not ashamed of what Zhao Jun did before. I asked Guochang some information to see if he could provide technical or other help. Well, the most important thing is the safety of user assets and the safety of people.”

Multichain’s native token MULTI fell 40% in the last 3 days as the situation unfolds. The price currently trades at $4.90, down 25% in the past 24hrs.

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