• Binance suspends deposits and withdrawals for Multichain bridged tokens.

  • Users can still deposit and withdraw the tokens but through other supported networks.

  • Multichain’s token MULTI drops by 6.13% as the protocol’s turmoil continues.

Binance, the world’s biggest crypto exchange platform, has suspended deposits and withdrawals for certain Multichain-bridged tokens.

According to the announcement posted on Binance’s official blog, the suspension will take effect from 2023-07-07 00:00 (UTC) until further notice. Earlier in May, Binance made a similar suspension of deposits for Multichain-bridged in what it described as a “situation” with the Multichain protocol. However, the crypto exchange has not given a reason for the current suspension.

Per the announcement, the affected tokens include Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy.Finance (BIFI) via Fantom Network, and SuperVerse (SUPER) via BNB Smart Chain.

Likewise, deposits and withdrawals from Travala (AVA) via the Ethereum Network, Spell Token (SPELL) via Avalanche, C-Chain Alpaca Finance (ALPACA) via the Fantom Network, and Harvest Finance (FARM) via the BNB Smart Chain have been suspended.

Despite the suspension, Binance assured that users can still deposit or withdraw the tokens through other supported networks. The crypto exchange further apologized for any inconveniences caused by the suspension. 

The Binance suspension adds to a growing number of issues the Multichain protocol is facing. Its CEO, Zhao Jun, recently became the subject of a rumored police investigation after an alleged disappearance. To date, he remains AWOL, with his team unable to contact him in what many describe as a rug-pull kind of incident.

Multichain is one of the biggest blockchain bridges in the world. Unsurprisingly, its recent turmoil has affected different parts of the crypto ecosystem. One of the most affected is Fantom, a blockchain that uses Multichain as its official cross-chain platform.

As of the time of press, Fantom’s token price has dropped by 4.6% to sit at $0.3048. Similarly, Multichain’s token (MULTI) currently sits at $3.13, after a decline of 6.13%, according to data from CoinMarketCap.

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