Asย aย result to a series of transaction issues that raised concerns about the Multichain (MULTI) protocol, leading cryptocurrency exchange Binanceย Cryptoย exchange has temporarily stopped deposits for 10 bridged cryptoย tokens as of May 25.
Influenced cryptoย token pairs include polkastarter (POLS), alpacatoken (ALPACA), travala.com (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, Binanceย Cryptoย exchange shared that they will temporarily be suspending deposits for bridged tokens-network while they await clarity.
The notice impacts theย next pairings, POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA- Ethereumย (ETH), SPELL-AVAXC, ALPACA-FTM, FTM- Ethereumย (ETH), FARM-BSC, DEXE-BSC on the BNB Smart Chain, Fantom, Ethereumย (ETH), and Avalancheย (AVAX) blockchainย tech networks.ย
As stated on Binanceโs deposit page, although deposits for these specific cryptoย tokens are temporarily halted, withdrawals of these cryptoย tokens and deposits on other supported networks remain unaffected and continue to be available for users.
The fuel for uncertainty
Regardlessย of Binanceย Cryptoย exchange attributing the suspension to Multichain, the company has been relatively silent. The lastย tweetย from Multichain went out on May 24.
Nonetheless, onย Twitterย platform, rumours likewise circulated around the Multichain team being arrested in Shanghai and causing the initiation of the transfer of funds.
According toย @ArkhamIntel on Twitter,ย team wallets associated with the project have reportedly shifted approximately $3 Million worth of $MULTI to the digitalย currency exchange Gate.io. These developments have further contributed to investor apprehension, resulting in a wholeย lotย of 26.5 percent fall in the price of $MULTI duringย a 24-hour period.ย
This incident outlines the vulnerability of the digitalย 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.
