Binance has suspended all operations of Multichain after its founding team was detained in China. The cross-chain-focused altcoin project lost double-digit value after the news emerged yesterday.
Binance, its CEO and team decided to halt the disappearing altcoin project
The world’s largest crypto exchange Binance made the decision on Thursday, following statements from the Multichain team. The exchange reported that it is temporarily suspending deposits for several bridged network tokens.
Meanwhile, multiple sources suggest that Multichain’s co-founder and CEO, Zhao Jun, is currently missing. According to reports, the project and its founder are under investigation by the police. cryptocoin.com We, as MULTI, have stated that the price of MULTI has lost 30% of its value after the news that emerged yesterday.
Binance awaits results from the Multichain team
On May 25, Binance announced a temporary suspension of deposits for Multichain-related bridged tokens. The exchange reported that it will only reopen deposits after receiving clarity from the Multichain team.
Binance has suspended deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. Deposits of these assets in other networks will remain open.
Multichain has previously confirmed that most of the cross-chain functions of the Multichain protocol are working normally. However, some cross-chain routes are unavailable due to “force majeure” and the service restore time is unknown. Multiple users reported that the money remained on the bridge for hours. The team agreed to compensate users for their losses.
Phantom, Justin Sun and HashKey Group move away from altcoin project
Meanwhile, the Phantom Foundation has withdrawn $2.4 million worth of MULTI from SushiSwap. HashKey Group moved $250,000 to Gate.io crypto exchange. Also, Tron founder Justin Sun withdrew 470,000 USDD stablecoin. The Fantom Foundation is heavily impacted by the unavailability of Multichain cross-chain routes, followed by BSC and Optimism.
MULTI price down 40%
Qian Dejun, former co-founder of Fusion Foundation and Multichain, took to Twitter regarding the situation at Multichain. Dejun made the following statements about what happened:
I hope it’s nothing serious about multi-chain. I asked Guochang for some information to see if he could provide technical or other assistance. The most important thing is the security of user assets and people.
Meanwhile, amid all the developments, the price of MULTI is falling sharply. The altcoin had lost 30% yesterday after the news that its founders were detained. There was a similar decline today. MULTI price fell an additional 10% to $4.78.
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