Binance suspends support for 8 Multichain-bridged tokens amid cross-chain issues Binance suspends support for 8 Multichain-bridged tokens amid cross-chain issues
Multichain's MULTI token plunged by 7% following news of Binance's latest withdrawal suspension.
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Updated: Jul. 5, 2023 at 1:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance will suspend support for eight Multichain-bridged (MULTI) tokens on July 7 till further notice because of the issues with some of the protocol’s cross-chain routes.
In a July 5 update, Binance stated that its users would be unable to deposit or withdraw digital assets, including Travala, Alchemy Pay, Harvest Finance, Polkastarter, and others, across blockchain networks like Fantom (FTM), BNB Smart Chain, Ethereum (ETH), and Avalanche (AVAX).
Meanwhile, the exchange stated that deposits for these assets would remain open on other networks.
Binance previously temporarily suspended deposits for ten Multichain-bridged tokens in May. At the time, the exchange attributed its decision to the issues plaguing the cross-chain solution provider.
Multichain dumps 7%
Following news of Binance’s new suspension of some of its bridged tokens, Multichain’s MULTI token declined 7% to $3.10 at the time of writing, according to CryptoSlate’s data.
This poor price performance continues the protocol’s downward price movement since its issues began in May, dumping by more than 60% during the period.
In May, the Multichain team revealed they could not contact CEO Zhaojun amid rumors that he was arrested in China. Around this period, the protocol experienced a botched planned upgrade of its cross-chain-bridge, with the team blaming the unavailable routes on a “force majeure.”
Following these events, several users experienced delayed transactions, and major investors, including Tron (TRX) founder Justin Sun, Fantom Foundation, and others, reduced their exposure to the MULTI token.
Meanwhile, after a month’s hiatus, Multichain’s Router 2 resumed operations in June. Since then, the protocol has not provided additional information on the operation of other impacted Routes.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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