Binance temporarily suspends deposits for 10 Multichain-bridged tokens Binance temporarily suspends deposits for 10 Multichain-bridged tokens
Multichain blamed the protocol's unavailable cross-chain routes on "force majeure." Its MULTI token is down 13%.
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Updated: May. 25, 2023 at 4:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance has announced a temporary suspension of deposits for ten Multichain-bridged (MULTI) tokens, pending further clarification from the protocol’s team.
According to a May 25 tweet from Binance, the exchange said the decision would affect some assets deposits with blockchain networks like Fantom (FTM), BNB Smart Chain, Ethereum (ETH), and Avalanche (AVAX). This means the exchange users cannot deposit the impacted assets until Binance lifts the restriction.
The impacted assets include POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC.
However, deposits for these assets remain open on other networks.
Multichain blames transaction delays on ‘force majeure’
In a May 24 tweet, the Multichain team said most of its cross-chain routes were functioning well. However, it blamed the unavailable routes on “force majeure,” adding that it does not know when services would resume.
“After service is restored, pending transactions will be credited automatically,” it stated in the tweet. The protocol added that it would institute a compensation plan for the affected users but did not include details.
Some Multichain users have reported that their funds have been stuck in transit for three days. Growing rumors suggest Chinese authorities may have arrested members of the Multichain team, further exacerbating the protocol’s situation.
Multichain was yet to provide information surrounding its team leadership at the time of writing.
MULTI decreased by 13%
The uncertainty surrounding the protocol has contributed to a more than 13% decrease in the value of its token. On May 24, the token topped CryptoSlate ‘s top losers list after falling more than 27% as several whales dumped it.
Within the past 24 hours, Lookonchain, a blockchain analytics platform, reported that crypto entrepreneur Justin Sun has withdrawn 469,908 USDD from Multichain.
Other whales, including HashKey Group and Fantom Foundation, moved $250,000 worth of MULTI and 450,000 units of MULTI ($2.4 million), respectively.
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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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