Binance Halts Multichain Token Deposits Due to Transaction Delays

Binance Halts Multichain Token Deposits Due to Transaction Delays


Binance has temporarily suspended transfers of wrapped tokens from the Multichain bridge amid days-long delays, affecting deposits worth $1.52 billion locked on it for liquidity provisions, while Multichain team is working to resolve the issue.

Binance has temporarily stopped transfers of wrapped crypto tokens from the Multichain bridge amid days-long delays in transaction times.

This afternoon, the world’s largest exchange stopped deposits of 10 crypto tokens bridged to Binance Crypto exchange Chain, Ethereum (ETH), Avalanche (AVAX), and Fantom.

Multichain has deposits worth $1.52 Billion locked on it for liquidity provisions, per DeFiLlama. This week’s events caused a slight dip in its total value locked (TVL) from $1.6 Billion to $1.52 billion.

“We’ll be temporarily suspending deposits for the next bridged tokens-network while we await clarity from the Multichain team,” wrote Binance.

A Multichain wrapped investment is locked up in a Multi-Party Computation (MPC) node on the source chain, and then a corresponding wrapped investment is minted on the target chain. An MPC node is a digital gateway controlled by specific wallets whose private key is divided, encrypted, and shared betwixt numerous parties.

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Users informed issues related to Multichain’s zkSync, Kava, and Polygon zkEVM bridge, where transfers to these networks have been stuck since May 21.

The Multichain team informed users via a Twitter post yesterday that “pending transactions will be credited automatically” and that they are forming a compensation strategy for influenced users.

Multichain co- founder DJ Qian said this morning that he was likewise in talks with the bridging project’s CEO to fix the issue

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