Binance Temporarily Suspends Multichain Token Transfers

Updated: 05 July 2023

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Binance, the world’s biggest crypto exchange, announced that it will temporarily halt deposits and withdrawals for several Multichain-bridged tokens. The suspension starts on July 7 and lasts until further notice.

In May, these tokens were suspended because of issues with the Multichain (MULTI) protocol.

Token Suspension and Multichain Protocol Issues

Binance said they’re working on resolving the issues. Users should also wait until further notice before depositing or withdrawing affected tokens.

#Binance will suspend deposits and withdrawals for a number of Multichain-bridged tokens from July 7, 00:00 UTC until further notice.

More details here 👇https://t.co/CL7V8UeT9l

— Binance (@binance) July 5, 2023

Cryptocurrencies affected by the exchange’s decision include Beefy.Finance (BIFI) on Fantom, Spell Token (SPELL) on Avalanche C-Chain, SuperVerse (SUPER) on BNB Smart Chain, and Alchemy Pay (ACH) and POLS on BNB Smart Chain. Similarly, Travala (AVA) on Ethereum, Alpaca Finance (ALPACA) on Fantom Network, and Harvest Finance (FARM) on BNB Smart Chain are other coins users can’t withdraw at the time.

Multichain protocol problems led to the early suspension of the tokens. Rumors circulated about Multichain executives being arrested, including CEO Zhaojun,

According to the rumors earlier today in Chinese community, it is said that the core members of the Multichain team were arrested by Chinese police, and the cold wallet was controlled, involving about $1.5 billion in funds.#MultiChain

— Gwei Research (@btcinchina) May 25, 2023

whose fate is unclear. Bobie, the founder of 0xScope, the Web3 knowledge graph protocol, tweeted that Multichain had partially resumed operations.

While most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically.…

— Multichain (Previously Anyswap) (@MultichainOrg) May 24, 2023

Binance Prioritizes User Asset Security

To prioritize user asset security and protection, Binance has temporarily suspended deposits and withdrawals for Multichain-bridged tokens because of ongoing uncertainties.

The exchange hasn’t given specific details about the suspension, but it cited the earlier suspension of several bridge tokens as the reason.

While deposits and withdrawals for the affected tokens will be temporarily halted on the specified networks, Binance assures users they can still access and trade them through other supported networks.