2023-07-06 08:35:10
The crypto exchange Binance recently announced that it is suspending deposits and withdrawals of several tokens related to the Multichain project. The company said in a statement that the suspension will take effect on the platform on July 7 and will remain in effect until further notice. The move will affect many cross-chain tokens belonging to the Multichain project. This particularly affects digital assets deployed on the BNB Smart Chain, such as Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), and Harvest Finance (FARM). Tokens minted through Fantom’s bridge, including Beefy.Finance (BIFI) and Alpaca Finance (ALPACA), are also on the affected list. Binance did not elaborate on the reason for the suspension of assets tied to Multichain. He only noted that this was a continuation of another measure taken against the project in May. At the time, the company temporarily suspended support for deposits of some tokens transferred via Multichain, citing problems with the protocol. Despite the ongoing suspension related to the project, Binance says users can still deposit and withdraw affected tokens through other networks supported by the exchange. The Multichain bridge currently oversees more than $1.3 billion worth of assets mined through the cross-chain platform. Of this, $698 million is mined on Ethereum, $339 million on BNB Smart Chain and $92 million on Fantom, according to DeFiLlama data. The problems of Multichain Back in May, difficulties arose in connection with the project in connection with the processing of transactions, which led to the stalling of many transactions. Several routes of Multichain’s cross-chain bridge, including Kava, zkSync and Polygon’s zkEVM, were also down during the situation. The team initially cited a technical problem, but later reported that some bridge tracks were not working properly. The project team also later admitted that they were unable to contact the company’s CEO, Zhaojun, who was partly responsible for the updates. This was because the CEO had gone missing and was reportedly taken into custody by the Chinese police.
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