Binance temporarily suspends deposits for 10 Multichain-bridged tokens

Cryptocurrency exchange Binance has announced that it will temporarily suspend deposits of 10 multi-chain bridge (MULTI) tokens pending further clarification from its protocol team.

According to reports on May 25, Tweet Binance reports that the exchange said the decision will affect the depositing of some assets on blockchain networks such as Fantom (FTM), BNB Smart Chain, Ethereum (ETH) and Avalanche (AVAX). Stated. This means that exchange users will not be able to deposit the affected assets until Binance lifts the restrictions.


However, deposits of these assets remain open on other networks.

Multi-chain, the cause of transaction delay is “force majeure”

May 24th Tweet, the multi-chain team said most of the cross-chain routes are working well. However, the company said the route was unusable due to “force majeure”, adding that it did not know when services would resume.

“Pending transactions will be credited automatically when service is restored,” the tweet said. The protocol added that it would develop a compensation plan for affected users, but did not include details.

Some multichain users have reported that their funds have been stuck in transit for 3 days. The situation with the protocol is getting worse, with growing rumors suggesting that Chinese authorities may have arrested members of the multi-chain team.

Multichain has not yet provided any information on the leadership of the team at the time of writing.

Multi is down 13%

The uncertainty surrounding the protocol has reduced the value of the token by more than 13%. On May 24th, the token hit its all-time high crypto slate has dropped more than 27% and emerged on the top losers list after several whales threw it away.

In the last 24 hours, blockchain analytics platform Lookonchain has seen crypto entrepreneur Justin Sun withdraw US$469,908 from Multichain.

In the last 24 hours, Lookonchain, a blockchain analytics platform, has report Crypto entrepreneur Justin Sun has withdrawn US$469,908 from Multichain.

Other whales, including HashKey Group and the Fantom Foundation, have won $250,000 worth of MULTI and MULTI 450,000 units ($2.4 million), respectively.

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