Binance halts 10 token deposits due to Multichain issue

Binance halts 10 token deposits due to Multichain issue


Binance suspends 10 tokens’ deposits due to ongoing issues with Multichain bridge project impacting users of bridged tokens on BNB Smart Chain, Fantom, Ethereum and Avalanche blockchain networks, while other networks’ deposits continue uninterrupted.

Binance Crypto exchange, a centralized digital currency exchange, has temporarily stopped deposits for 10 crypto tokens owing to ongoing issues with the Multichain bridge project.

This decision affects users of these bridged crypto tokens on BNB Smart Chain, Fantom, Ethereum (ETH) and Avalanche (AVAX) blockchain tech networks. The influenced crypto tokens include AVA- Ethereum (ETH), SPELL-AVAXC and FTM- Ethereum (ETH), per Binance. Deposits of these assets on other networks will continue uninterrupted, and users were informed to refer to Binance’s deposit page for further information.

“We are temporarily suspending deposits for the next bridged tokens-network while we await clarity from the Multichain team,” stated Binance

The suspension of these crypto tokens comes after a five-day long crisis experienced by Multichain users, which has impacted the processing of transactions, leading to numerous stuck transactions. Plenty of of Multichain’s cross-chain bridge pathways — including Kava, zkSync, and Polygon zkEVM — are still not is still operational.

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The Multichain project at the beginning attributed the issue to technical issues. Nonetheless, as discontent between users escalated, the justification was updated to an ambiguous “force majeure.”

Multichain’s issues come alongside unverified speculation on Twitter platform that the core leadership team may have been arrested in China. The Multichain team has not is still responded to the speculation regarding their alleged arrest. Meanwhile,  the platform’s users and the broader cryptocurrency community are left wrestling with uncertainty and apprehension as they await clear information. 

The project’s Discord server and Telegram groups have provided no substantial updates to community members so far. 

As a result, cryptocurrency projects are reacting to the team’s silence. In a separate development, the Fantom Foundation withdrew 450,000 MULTI crypto tokens ($2.4 million) from liquidity on the decentralized exchange SushiSwap. Yesterday, cryptocurrency financing company HashKey Group moved $250,000 to the cryptocurrency exchange Gate.io, and Tron founder Justin Sun withdrew 470,000 of the USDD crypto stablecoin from the Multichain protocol itself.

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