This afternoon, the worldโs largest exchange stopped deposits of 10 cryptoย tokens bridged to Binanceย Cryptoย exchange Chain, Ethereumย (ETH), Avalancheย (AVAX), and Fantom.
Multichain has deposits worth $1.52 Billion locked on it for liquidity provisions, per DeFiLlama. This weekโs events caused a slight dip in its total value locked (TVL) from $1.6 Billion to $1.52 billion.
โWeโll be temporarily suspending deposits for theย next bridged tokens-network while we await clarity from the Multichain team,โ wrote Binance.
Weโll be temporarily suspending deposits for theย next bridged tokens-network while we await clarity from the Multichain team.
POLS-BSC
ACH-BSC
BIFI-FTM
SUPER-BSC
AVA-ETH
SPELL-AVAXC
ALPACA-FTM
FTM-ETH
FARM-BSC
DEXE-BSCDeposits of the over assets on other networks areโฆ
โ Binanceย Cryptoย exchange (@binance) May 25, 2023
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.
Users informed issues related to Multichainโs 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 โpending transactions will be credited automaticallyโ and that they are forming a compensation strategy for influenced users.
Althoughย while most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due toย force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically.โฆ
โ Multichain ( Previously Anyswap) (@MultichainOrg) May 24, 2023
Multichain co- founder DJ Qian said this morning that he was likewise in talks with the bridging projectโs CEO toย fix the issue
