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Breaking: Binance Suspends Crypto Deposits As Multichain CEO Remains Missing

Crypto exchange Binance suspending deposits for several bridged network tokens as clarifications from the Multichain team remain pending.
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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.

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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.

Also Read: Terra Classic (LUNC) Developer To Work With USTC Team, To Repeg Price To $1

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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.

Also Read: Crypto Consortium Fahrenheit Wins Bid To Acquire Celsius Network

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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