Binance has decided to halt the trading of numerous Multichain-related coins after an event in May


Since July 7th, Binance has stopped accepting deposits and withdrawals of numerous Multichain cross-chain bridge tokens.

Binance, a cryptocurrency exchange, has temporarily halted deposits and withdrawals of many Multichain-related cross-chain bridge tokens.

According to the release, the suspension will go into effect on on July 7 and stay there until the situation is resolved. A wide variety of coins created on Multichain and used on other networks have been frozen.

Beefy.Finance (BIFI) and Alpaca Finance (ALPACA) are among the tokens that are vulnerable since they were created via the bridge on Fantom. The Ethereum-based bridge token Travala (AVA) was also added.

Binance has frozen Multichain bridge-related assets without providing an explanation. The only information provided by the exchange was that this is related to the May 24 action taken against Multichain. Due to issues with the Multichain protocol, Binance has to temporarily halt deposits of some tokens transmitted through Multichain.

Binance insists that its users may continue depositing and withdrawing the affected coins using alternative networks allowed by the exchange, notwithstanding the continued ban linked to the Multichain project. This implies such assets may keep moving forward without interference from the Multichain effort.

More than $1.3 billion in newly created assets are being managed via the Multichain bridge’s cross-chain infrastructure at now. According to the statistics provided by DeFiLlama, a total of $698 million was created in Ethereum, $339 million in BNB Smart Chain, and $92 million in Fantom.

Many transactions became blocked in May because of problems executing bridge transfers inside the Multichain project. During the crisis, certain connections of Multichain’s cross-chain bridge were inaccessible. These were Kava, zkSync, and Polygon zkEVM.

At first, the Multichain team blamed technical difficulties. However, they subsequently elaborated that although most bridge routes were operating normally, a few remained inaccessible for reasons that may be included under the umbrella phrase “force majeure.” Later on, the team stated that they had no way of getting in touch with Multichain’s CEO Zhaojun, presumably confirming rumours that he had been jailed by Chinese authorities and was responsible for overseeing some of the project’s upgrading procedures. The platform’s bridge routes seem to be operating normally once more at this time.

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