A binance suspended support for withdrawals and deposits of various cross-chain bridge tokens associated with the project Multichain. According to the official announcement posted on the broker’s blog, the company will end support for deposits and withdrawals of 8 tokens. Scheduled for next Friday (July 7), the suspension of services for the tokens will be in effect on the Binance.com website indefinitely. The suspension includes a number of tokens created on Multichain across different networks, particularly affecting tokens deployed on the BNB Smart Chain network. The complete list of tokens is 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
Other networks still work
As with other situations, Binance did not provide a detailed explanation for such a move. The world’s largest cryptocurrency exchange stated that the suspension is a continuation of an earlier action taken on May 24 against Multichain. At the time, Binance temporarily suspended support for deposits of certain tokens transferred through Multichain, citing problems with the protocol. Despite the current suspension related to the Multichain project, Binance ensures that its users can still make deposits and withdrawals of the affected tokens through other networks supported by the exchange. This means that such assets can continue to be traded without interruption, as long as they are not involved with the Multichain project.
“WE APOLOGIZE FOR ANY INCONVENIENCE WE HAVE CAUSED.” “USERS MAY STILL DEPOSIT OR WITHDRAW THE ABOVE TOKENS THROUGH OTHER BINANCE SUPPORTED NETWORKS.”
Multichain Problems
The Multichain bridge currently oversees over $1.3 billion worth of minted assets through its cross-chain platform. Assets include $700 million in Ethereum, $339 million in BNB Smart Chain and $92 million in Fantom, according to data from DeFiLlama. In May, Binance suspended deposits of 10 cryptocurrencies affected by a Multichain bug. When commenting on the issue, the Multichain team was not entirely clear on the reasons why some of their bridges stopped working. However, when trying to provide clarification, requested by both Binance and users, the team revealed more problems: no one could find the CEO, Zhaojun, and only he had access to the servers. Later, Multichain apparently confirmed rumors that the CEO had been detained by Chinese police. With the gridlock, sending tokens has become an impossible task. Thus, Binance was one of the brokers to announce the suspension of deposits of tokens from the troubled networks. Binance also stated that it was awaiting clarification from Multichain and that it would continue to temporarily suspend deposits. Two months have passed since then, and Multichain continues to face problems and distrust from users, prompting Binance to take the latest measure to suspend services. In the midst of the hurricane of problems, the Multichain cryptocurrency (MULTI) lost more than 60% of its value, going from $8 to $3.