By considering Multichain issues, Binance exchange suspended the deposit of the bridged token on the platform.
Binance is a top first-ranked digital assets trade platform by 24-hour crypto trade volume. This exchange always remains ready against suspicious crypto activity, to provide clear crypto service to the customers.
On 25 May 2023, Binance exchange announced that the exchange decided to temporarily suspend deposit support for 10 bridged tokens. These tokens are POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, DEXE-BSC. The deposit support of these tokens is still live on the other networks.
Over the last five days, these particular tokens on the corresponding network are struggling badly. Several crypto users reported that their transactions have stuck & they are waiting for a long run.
A few crypto Twitter users claimed that the main lead team of Multichain was arrested in China. The Multichain team also failed to talk on this matter.
The MultiChain organisation said that some of the cross-chain routes are unavailable due to force majeure and also said that it is unconfirmed how much time it will take to fix but confirmed that pending transactions will be credited automatically & also MultiChain will compensate the affected users.
However, no other crypto firm talked about Multichain’s issue but on-chain data showed that they are in fear & stepping back from Multichain’s liquidity contribution.
Huobi Global exchange’s senior advisor Justin Sun withdrew 470,000 of the USDD stablecoin from the Multichain protocol. Fantom Foundation withdrew 450,000 MULTI tokens from the SushiSwap exchange. On 24 May, HashKey Group moved $250,000 to the crypto exchange Gate.
Multi Token Price Action
Because of this negative news, the native token of the Multichain Protocol plunged by 40%. The current trade price of Multi token is $4.75.
Read also: Coinbase will allow EU banks to offer crypto trading via Bitpanda
Binance suspends 6 bridged tokens deposit citing Multichain’s issues
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