Binance, the world’s largest cryptocurrency exchange, announced that it has suspended support for deposits and withdrawals with various Multichain-linked altcoins as of July 7, 2023. This decision came in response to the latest situation regarding the Multichain (MULTI) protocol, which is facing difficulties. 8 altcoins with a multichain bridge stand out in this respect. Here are the details…
Binance decides to discontinue Multichain bridged altcoins
Binance is stopping deposits and withdrawals on certain networks for some altcoins on July 7 at 03:00. On its official blog, Binance announced the following among the affected tokens:
- BNB on Smart Chain
- on Phantom Network
- on Ethereum
- Avalanche on C-Chain
Binance apologized to users for the inconvenience caused. He then highlights that the suspension is a result of ongoing issues with the Multichain protocol. Previously, deposits for multiple Multichain linked tokens were suspended on May 25, 2023 following Multichain disruptions. While most of the cross-chain routes of the Multichain protocol are working well, some cross-chain routes are unavailable due to force majeure. It is unknown when the service will resume. After the service is restored, pending transactions will be credited automatically. Multichain will compensate affected users during this process and the compensation plan will be announced later.
When will transactions open?
Deposits and withdrawals are stopped on Binance, while wallets holding these assets on other networks can be accessed. The situation surrounding Multichain has been turbulent with allegations that some bridges have become unusable and that the protocol’s co-founder and CEO, Zhao Jun, has disappeared and is the subject of a police investigation. Fantom has been significantly impacted by the suspension of Multichain cross-chain bridge services.
cryptocoin.com As we reported, on June 5, some cross-chain bridges in the Multichain protocol were back online after on-chain experts confirmed the transactions. No updates have been made since then. As a precautionary measure, Binance will await clarification from the Multichain team before considering reopening deposits for these bridge tokens.
Latest situation on MULTI price
The market price of Multichain (MULTI) is currently down 3.95 percent at $3.22. According to calculations, Multichain will need to increase 24x to reach $100. It would take 8.5 years for Multichain to reach $100 if it rises 25 percent each year.
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