Binanceย Cryptoย exchange, a centralized digitalย currency exchange, has temporarily stopped deposits for 10 cryptoย tokens owingย to ongoing issues with the Multichain bridge project.
This decision affects users of these bridged cryptoย tokens on BNB Smart Chain, Fantom, Ethereumย (ETH) and Avalancheย (AVAX) blockchainย tech networks. The influenced cryptoย tokens include AVA- Ethereumย (ETH), SPELL-AVAXC and FTM- Ethereumย (ETH), per Binance. Deposits of these assets on other networks will continue uninterrupted, and users were informed to refer to Binanceโs deposit page for further information.
โWe are temporarily suspending deposits for theย next bridged tokens-network while we await clarity from the Multichain team,โ stated Binance.ย
The suspension of these cryptoย tokens comesย after a five-day long crisis experienced by Multichain users, which has impacted the processing of transactions, leading to numerous stuck transactions. Plentyย of of Multichainโs cross-chain bridge pathways โ including Kava, zkSync, and Polygon zkEVM โ are still not isย still operational.
The Multichain project atย theย beginning attributed theย issue to technical issues. Nonetheless, as discontent between users escalated, the justification was updated to an ambiguous โforce majeure.โ
Multichainโs issues come alongside unverified speculation onย Twitterย platform that the core leadership team may have been arrested in China. The Multichain team has not isย still responded to the speculation regarding their alleged arrest. Meanwhile,ย the platformโs users and the broader cryptocurrency community are left wrestling with uncertainty and apprehension as they await clear information.ย
The projectโs Discord server and Telegram groups have provided no substantial updates to community members so far.ย
Asย aย result, cryptocurrency projects are reacting to the teamโs silence. In a separate development, the Fantom Foundation withdrew 450,000 MULTI cryptoย 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 cryptoย stablecoin from the Multichain protocol itself.
