Binance Temporarily Suspends Support for Multichain Cross-Chain Bridge Tokens
Binance has announced that it will temporarily suspend support for deposits and withdrawals of Multichain cross-chain bridge tokens starting from July 7. This decision comes after the suspension of deposits for Multichain Bridge Tokens on May 24, 2023. Eight tokens will be affected by this suspension until further notice.
The affected tokens are as follows:
- Polkastarter (POLS) via BNB Smart Chain
- Alchemy Pay (ACH) via BNB Smart Chain
- Beefy.Finance (BIFI) via Fantom Network
- SuperVerse (SUPER) via BNB Smart Chain
- Travala (AVA) via Ethereum Network
- Spell Token (SPELL) via Avalanche C-Chain
- Alpaca Finance (ALPACA) via Fantom Network
- Harvest Finance (FARM) via BNB Smart Chain
Binance’s decision to suspend support for these tokens is related to issues with the Multichain cross-chain bridge. Previously, Binance had temporarily suspended token top-ups via the project-linked bridge following an incident. The suspension of deposits has affected several token pairs, including POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC.
On May 24, it was reported on Twitter that the authorities had arrested the Multichain team in China. Additionally, there were on-chain indicators of suspicious activities related to the MULTI token. Multichain confirmed that some of the project’s cross-chain remittance gateways were not functioning due to “force majeure reasons” with an unknown recovery timeline. While Multichain promised to fully compensate affected users, no further details regarding the compensation plan were provided.
The tracking website Lookonchain detected large transfers of MULTI tokens to the Gate exchange, causing concern among users of the bridge.
However, as of June 5, some of the Multichain protocol’s cross-chain bridges have been restored and are now operational. Tung Dinh, Vice President of Multichain, confirmed that the Multichain router2 router, which is a core component of the bridge, is back to normal. There is also speculation regarding the condition of Multichain’s co-founder and CEO, Zhao Jun, with some suggesting that he may have been released from prison.
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