Crypto Exchange Binance Suspends Support for Multichain Bridge Tokens
Crypto exchange Binance has announced that it will be suspending support for deposits and withdrawals of several cross-chain bridge tokens tied to the Multichain project. The suspension will begin on July 7 and no specific end date has been provided. Tokens minted on Multichain across different networks, including BNB Smart Chain, Fantom, and Ethereum’s bridge, will be affected. Binance previously suspended support for some Multichain tokens on May 24, citing complications with the protocol.
Key Points:
- Binance is suspending support for deposits and withdrawals of Multichain bridge tokens.
- Tokens minted on BNB Smart Chain, Fantom, and Ethereum’s bridge are affected.
- The reason for the suspension has not been specified.
- Users can still deposit and withdraw impacted tokens through other supported networks.
- The Multichain bridge oversees over $1.3 billion in assets.
Despite the suspension, Binance assures users that they can still deposit and withdraw the affected tokens through other networks supported by the exchange. However, assets involving the Multichain project will be disrupted. The Multichain bridge currently manages more than $1.3 billion in assets, with the majority minted on Ethereum. In May, Multichain faced technical difficulties with bridge transfers, resulting in stuck transactions. The project later revealed that some bridge routes were non-operational due to undisclosed reasons. Rumors circulated that the Multichain CEO had been detained by Chinese police, but the platform’s bridge routes are now functioning normally.
Hot Take
The suspension of support for Multichain bridge tokens on Binance raises concerns about the stability and reliability of cross-chain protocols. It highlights the potential risks and complications associated with interoperability between different blockchain networks. This incident emphasizes the importance of thorough testing and due diligence in the development and implementation of cross-chain solutions. As the cryptocurrency ecosystem continues to evolve, ensuring the seamless transfer of assets across networks will be crucial for the industry’s growth and adoption.
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