Binance recently made an announcement stating that they will temporarily halt their support for deposits and withdrawals of Multichain-bridged tokens.
Binance, the biggest cryptocurrency exchange globally, has decided to temporarily suspend its support for deposits and withdrawals of various Multichain-bridged tokens starting July 7, 2023. This move is a response to the challenges faced by the Multichain (MULTI) protocol.
In an official blog post, Binance has listed the tokens that will be affected by the suspension. These include Polkastarter (POLS) on the BNB Smart Chain, Alchemy Pay (ACH) on the BNB Smart Chain, Beefy.Finance (BIFI) on the Fantom Network, SuperVerse (SUPER) on the BNB Smart Chain, Travala (AVA) on the Ethereum Network, Spell Token (SPELL) on the Avalanche C-Chain, Alpaca Finance (ALPACA) on the Fantom Network, and Harvest Finance (FARM) on the BNB Smart Chain.
Binance has acknowledged the inconvenience caused by the suspension of deposits and withdrawals for Multichain-bridged tokens. The exchange emphasizes that this decision is a direct response to the ongoing issues with the Multichain protocol. It is worth noting that deposits for several Multichain-bridged tokens were already suspended on May 25, 2023 following the Multichain mishap.
Due to unforeseen circumstances, some cross-chain routes of the Multichain protocol are currently unavailable, and it is uncertain when they will be restored. Once the service is back online, any pending transactions will be processed automatically. Multichain has assured affected users that they will be compensated, and details of the compensation plan will be shared at a later date. Previously known as Anyswap, Multichain provided this update on May 25, 2023.
Although Binance has temporarily suspended deposits and withdrawals, users can still access their assets held in wallets on other networks.
Update on Multichain and Price:
The Multichain situation has been chaotic, with certain bridges unavailable and the protocol’s co-founder and CEO, Zhao Jun, reportedly disappearing and being investigated by the police. The suspension of Multichain cross-chain bridge services has had a significant impact on Fantom.
No updates have been provided regarding the situation. Binance will wait for clarification from the Multichain team before deciding whether to resume deposits for these bridging tokens.
Multichain’s current market price is $3.22, showing a 3.95% decrease. To reach $100, Multichain would need to increase by 24 times. If Multichain rises by 25% annually, it would take approximately 8.5 years to reach $100.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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