Binance Halts Deposits for Bridging Tokens Linked to Multichain

According to multiple reports, the co-founder and CEO of Multichain, a cryptocurrency project, has gone missing. The Fantom Foundation, another entity involved in the project, withdrew MULTI tokens valued at $2.4 million.

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Due to the lack of sufficient responses from the Multichain team, Binance, the largest cryptocurrency exchange globally, announced on Thursday that it will temporarily suspend deposits for specific bridging network tokens.

Several reports have emerged indicating that Zhao Jun, the co-founder and CEO of Multichain, is missing and under investigation by the police. Qian Dejun, a collaborator who worked with Zhao Jun in establishing the Fusion Foundation, has confirmed his inability to reach Zhao Jun.

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Binance, a cryptocurrency exchange, announced on May 25 via a tweet that it will temporarily stop accepting deposits of bridging tokens connected to Multichain. The exchange stated that it will wait for further information and clarification from the Multichain team before deciding whether to resume accepting deposits.

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Binance has temporarily suspended deposits for several tokens, including POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. However, the wallets holding these assets on other networks are still accessible.

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Massive Withdrawal Frenzy Erupts:

Multichain recently announced that most of the cross-chain channels in the Multichain protocol are currently functioning, but some have experienced downtime due to unforeseen circumstances. The exact timeframe for their restoration is uncertain.

At the SushiSwap cryptocurrency exchange, the Fantom Foundation withdrew MULTI tokens valued at $2.4 million. HashKey Group transferred $250,000 to, while Justin Sun, the founder of Tron, withdrew $470,000 worth of USDD stablecoin.

The lack of Multichain cross-chain channels has impacted Fantom Foundation initially, followed by BSC and Optimism. As a result, the value of MULTI, the native token of Multichain, has declined by 40% in the past three days. Over the last day, its price has dropped by 14%, currently trading at $4.41.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.


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