Bridged Tokens in Limbo Amid Deposit Suspensions and Multichain Team Uncertainty

Bridged Tokens in Limbo Amid Deposit Suspensions and Multichain Team Uncertainty

Binance suspends deposits for 10 bridged tokens following transaction issues and lack of clarity from Multichain protocol, causing investor apprehension and a significant drop in MULTI’s price.

As a result to a series of transaction issues that raised concerns about the Multichain (MULTI) protocol, leading cryptocurrency exchange Binance Crypto exchange has temporarily stopped deposits for 10 bridged crypto tokens as of May 25.

Influenced crypto token pairs include polkastarter (POLS), alpacatoken (ALPACA), (AVA), spell (SPELL), fantom (FTM), alchemy (ACH), beefy (BIFI), superverse (SUPER), harvest finance (FARM), and dexe (DEXE).

A short-term suspension

In a tweet that went out on May 25, Binance Crypto exchange shared that they will temporarily be suspending deposits for bridged tokens-network while they await clarity.

The notice impacts the next pairings, POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA- Ethereum (ETH), SPELL-AVAXC, ALPACA-FTM, FTM- Ethereum (ETH), FARM-BSC, DEXE-BSC on the BNB Smart Chain, Fantom, Ethereum (ETH), and Avalanche (AVAX) blockchain tech networks. 

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As stated on Binance’s deposit page, although deposits for these specific crypto tokens are temporarily halted, withdrawals of these crypto tokens and deposits on other supported networks remain unaffected and continue to be available for users.

The fuel for uncertainty

Regardless of Binance Crypto exchange attributing the suspension to Multichain, the company has been relatively silent. The last tweet from Multichain went out on May 24.

Nonetheless, on Twitter platform, rumours likewise circulated around the Multichain team being arrested in Shanghai and causing the initiation of the transfer of funds.

According to @ArkhamIntel on Twitter, team wallets associated with the project have reportedly shifted approximately $3 Million worth of $MULTI to the digital currency exchange These developments have further contributed to investor apprehension, resulting in a whole lot of 26.5 percent fall in the price of $MULTI during a 24-hour period. 

This incident outlines the vulnerability of the digital currency market to technical issues, regulatory uncertainties, and unverified information, reiterating just how important transparency, communication, and prompt resolution of issues are to the ongoing development and adoption of cryptocurrencies.

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