Binance Halts Crypto Deposits Amid CEOs Disappearance

Binance Halts Crypto Deposits Amid CEOs Disappearance

Binance temporarily suspends deposits for several bridged network tokens as they seek clarity from Multichain amidst reports of Multichain CEO Zhao Jun being investigated by the police, causing a 40% drop in the price of MULTI.

The world’s largest cryptocurrency exchange Binance Crypto exchange on Thursday stated it is temporarily suspending deposits for plenty of bridged network crypto tokens as clarifications from the Multichain team remain pending.

In the meantime, numerous sources claim Multichain co- founder and CEO Zhao Jun is as of now 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.

Binance Crypto exchange Seeks Clarity from Multichain

Cryptocurrency exchange Binance Crypto exchange in a tweet on May 25 announced a short-term suspension of deposits for bridged crypto tokens related to Multichain. The exchange may reopen deposits only after clarity from the Multichain team.

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Binance Crypto exchange has stopped deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA- Ethereum (ETH), SPELL-AVAXC, ALPACA-FTM, FTM- Ethereum (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 owing to “force majeure” and the time to restore service is unknown. Numerous users informed funds stuck in the bridge for numerous hours. The group agreed to compensate users for their losses.

Fantom Foundation withdrew $2.4 Million of the protocol’s native MULTI crypto tokens on SushiSwap. HashKey Group moved $250,000 to cryptocurrency exchange, and Tron founder Justin Sun withdrew 470,000 USDD crypto stablecoin. Fantom Foundation is majorly influenced by Multichain cross-chain routes unavailability, followed by BSC and Optimism.

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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:

“I likewise hope that there is nothing serious about multichain. Despite the fact 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.”

Multichain’s native crypto token MULTI dropped 40 percent in the last 3 days as the situation unfolds. The price as of now trades at $4.90, down 25 percent in the past 24hrs.

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