{"id":31957,"date":"2023-07-05T23:59:15","date_gmt":"2023-07-06T03:59:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-halts-transfers-of-multichain-linked-tokens-following-may-incident-heres-the-latest\/"},"modified":"2023-07-05T23:59:17","modified_gmt":"2023-07-06T03:59:17","slug":"binance-halts-transfers-of-multichain-linked-tokens-following-may-incident-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31957","title":{"rendered":"Binance Halts Transfers of Multichain-Linked Tokens Following May Incident \u2013 Here’s the Latest"},"content":{"rendered":"
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Starting July 7, 2023, Binance<\/strong> will cease to facilitate deposits and withdrawals of several cross-chain bridge tokens associated with the Multichain project<\/strong> across specified networks.\u00a0<\/p>\n

This suspension will remain in effect until further notice.<\/p>\n

The decision to suspend support for these tokens comes after the recent issues with the Multichain (MULTI) protocol, leading to the earlier suspension of deposits for multiple Multichain-bridged tokens on May 24, 2023.<\/p>\n

As per the announcement, the suspension will affect a range of tokens created on Multichain across various networks.\u00a0<\/p>\n

Notably, tokens deployed on BNB Smart Chain, including Polkastarter (POLS)<\/strong>, Alchemy Pay (ACH)<\/strong>, Beefy.Finance (BIFI)<\/strong> and Harvest Finance (FARM)<\/strong> will be impacted.\u00a0<\/p>\n

Additionally, tokens minted through the bridge on Fantom, such as Beefy.Finance (BIFI) and Alpaca Finance (ALPACA) are also included in the list of affected tokens.\u00a0<\/p>\n

Furthermore, Travala (AVA), a token minted on Ethereum’s bridge, will also be subject to suspension.<\/p>\n

May Meltdown: Multichain (MULTI) Protocol’s Price Plummets 30% in a Day<\/h2>\n

On May 24, 2023, the price of the Multichain (MULTI) token plummeted by 30% within a single day, reaching a trading value of $4.97.\u00a0<\/p>\n

According to DeFiLlama, despite experiencing a notable sell-off in May, the Multichain protocol, established in July 2020 in Singapore to address the demand for inter-blockchain communications, has maintained its Total Value Locked (TVL) at $1.3 billion.<\/p>\n

The sell-off can be traced back to delays caused by a backend node upgrade, which took longer than expected.\u00a0<\/p>\n

This delay resulted in some users complaining that their Multichain cash had not arrived promptly, leading to increased panic and selling of the token.\u00a0<\/p>\n

The sell-off was further fueled by rumors circulating on social media platforms.\u00a0<\/p>\n

An administrator addressed the situation on the Multichain Discord channel, stating that most routes usually function, but specific routes, including Kava, zkSync, and Polygon zkEVM, were suspended during the upgrade.\u00a0<\/p>\n

Despite these challenges, the Multichain protocol’s TVL remained steady at $1.6 billion, showcasing the project’s resilience amid market turbulence and speculation.<\/p>\n

Users Can Still Trade Unaffected Tokens from the Multichain Bridge Assets<\/h2>\n

Binance has suspended assets linked to the Multichain Bridge without specifying the exact reason behind this action.\u00a0<\/p>\n

The suspension is a follow-up to a previous measure taken against Multichain on May 25.\u00a0<\/p>\n

During that time, Binance temporarily halted support for deposits of specific tokens transferred through Multichain due to complications with the Multichain protocol.<\/p>\n

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Despite the ongoing suspension of the Multichain project, Binance assures its users that they can still deposit and withdraw the affected tokens using other networks supported by the exchange.\u00a0<\/p>\n

This means that as long as the transactions do not involve the Multichain project, the assets can continue to operate without interruption.<\/p>\n<\/p><\/div>\n