The worldโs largest cryptocurrency exchange Binanceย Cryptoย exchange on Thursday stated it is temporarily suspending deposits for plentyย of bridged network cryptoย tokens as clarifications from the Multichain team remain pending.
Inย theย meantime, numerous sources claim Multichain co- founder and CEO Zhao Jun is asย ofย now missing and is suspected of being investigated by the police. Fusion Foundation founder and co- founder Qian Dejun confirmed that he canโt reach Zhao Jun as he remains unavailable.
Binanceย Cryptoย exchange Seeks Clarity from Multichain
Cryptocurrency exchange Binanceย Cryptoย exchange in a tweet on May 25 announced a short-term suspension of deposits for bridged cryptoย tokens related to Multichain. The exchange may reopen deposits only after clarity from the Multichain team.
Binanceย Cryptoย exchange has stopped deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA- Ethereumย (ETH), SPELL-AVAXC, ALPACA-FTM, FTM- Ethereumย (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 owingย to โforce majeureโ and the time to restore service is unknown. Numerous users informed funds stuck in the bridge for numerous hours. Theย group agreed to compensate users for their losses.
Fantom Foundation withdrew $2.4 Million of the protocolโs native MULTI cryptoย tokens on SushiSwap. HashKey Group moved $250,000 to cryptocurrency exchange Gate.io, and Tron founder Justin Sun withdrew 470,000 USDD cryptoย stablecoin. Fantom Foundation is majorly influenced by Multichain cross-chain routes unavailability, followed by BSC and Optimism.
MULTI Price Dropped 40%
Fusion Foundation and previous co- founder of Multichain Qian Dejun took to Twitter to regarding the situation at Multichain. He said:
โI likewise hope that thereย is nothing serious about multichain. Despiteย theย factย that I am not ashamed of what Zhao Jun did before. I requested 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.โ
Multichainโs native cryptoย token MULTI dropped 40 percent in the last 3 days as the situation unfolds. The price asย ofย now trades at $4.90, down 25 percent in the past 24hrs.
