Binance has announced the suspension of deposit and withdrawal services for several Multichain-bridged tokens. This decision, effective immediately and until further notice, affects a range of tokens across various networks, leaving users in a state of uncertainty.
In an official blog post, Binance revealed the specific tokens impacted by this decision. Among them are Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy.Finance (BIFI) via Fantom Network, SuperVerse (SUPER) via BNB Smart Chain, Travala (AVA) via Ethereum Network, Spell Token (SPELL) via Avalanche C-Chain, Alpaca Finance (ALPACA) via Fantom Network, and Harvest Finance (FARM) via BNB Smart Chain.
This move comes after Binance suspended deposits for multiple Multichain-bridged tokens on May 25, 2023. The suspension was prompted by a series of transaction failures, raising concerns and casting doubts on the reliability of the Multichain protocol.
The discontinuation of support for these tokens has far-reaching implications for users who rely on bridged tokens across networks such as BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchains. Binance’s decision adds a layer of uncertainty and disruption to the crypto landscape.
Binance acknowledges the inconvenience caused by this move and attributes it directly to the ongoing challenges faced by the Multichain protocol. In their blog announcement, they emphasized that this action is aimed at protecting users’ funds through risk management measures.
In response to the news, a Binance representative clarified that the suspension of deposit and withdrawal services is a temporary measure. The representative reassured users that trading of the affected tokens on Binance will continue uninterrupted. Furthermore, users can still withdraw these tokens through alternative networks, as their balances will remain unaffected.
Multichain Faces Various Plagues as Multi Token (MULTI) Drops by 3.95%
In a whirlwind of uncertainty surrounding Multichain, several bridges have reportedly become inaccessible, raising concerns among investors. Adding fuel to the fire, allegations have emerged about the disappearance of Multichain’s co-founder and CEO, Zhao Jun, along with speculation of a potential police investigation.
The market price of Multichain’s native token, MULTI, currently sits at $3.22, reflecting a 3.95% decrease, according to Coinmarketcap. With MULTI’s value standing far below the coveted $100 mark, estimates suggest that it would need to experience a staggering 24-fold increase to reach that milestone.
Considering a consistent annual growth rate of 25%, it is projected that Multichain would require approximately 8.5 years to achieve the $100 target. However, the recent setbacks and uncertainty surrounding the platform have cast a shadow of doubt on the token’s future prospects.
The reported inaccessibility of certain bridges within the Multichain ecosystem has left users unable to conduct transactions smoothly, leading to growing frustration and concerns about the platform’s stability. Users and investors are eagerly awaiting official updates from Multichain’s team regarding the resolution of these issues.
The situation has been further exacerbated by the mysterious absence of Zhao Jun, the co-founder and CEO of Multichain. Questions surrounding his whereabouts and the reasons behind his disappearance remain unanswered. Rumors of a potential police investigation have surfaced, intensifying speculations about the possible reasons for Zhao Jun’s sudden departure.
