Binance Halts Deposit and Withdrawal Support for Some Multichain-Bridged Tokens
Binance has officially announced in its blog that the following tokens are impacted by the decision:
- Polkastarter (POLS)
- Alchemy Pay (ACH)
- SuperVerse (SUPER)
- Harvest Finance (FARM)
- Beefy Finance (BIFI)
- Alpaca Finance (ALPACA)
- Travala.com (AVA)
- Spell Token (SPELL)
These tokens are affected on the respective networks:
- BNB Smart Chain for POLS, ACH, SUPER, and FARM
- Fantom network for BIFI and ALPACA
- Ethereum for AVA
- Avalanche C-Chain for SPELL
This news comes after the suspension of deposits for various Multichain-bridged tokens on May 25, 2023. The suspension followed days of stalled transactions, which created uncertainty regarding the Multichain protocol.
The decision to cease support impacts users utilizing bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum, and Avalanche.
In the official announcement, Binance acknowledges the inconvenience caused and emphasizes that the suspension of support is a direct result of the ongoing challenges faced by the Multichain protocol.
A representative from Binance has stated that the temporary suspension of deposit and withdrawal services for the listed tokens is a risk management measure aimed at safeguarding users’ funds. Trading of the tokens on Binance will not be affected, and users can still withdraw them through alternative networks without their balances being affected.
Amid the turbulence surrounding Multichain, there are reports of certain bridges being inaccessible. There are also allegations of the protocol’s co-founder and CEO, Zhao Jun, going missing, as well as speculation of a potential police investigation.
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