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In a significant development, Changpeng Zhao (CZ), the CEO of the leading crypto platform Binance, assured users that their funds were safe following a major incident involving cross-chain router protocol Multichain. This came in the wake of a series of unexplained outflows from Multichain&#39;s bridge contracts, which sparked fears of a potential hack.Highlighting Multchain’s announcement regarding the unusual transactions, Zhao tweeted:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4ae958e45bd64e159ef05f12795b6275.png" />Binance, one of the world&#39;s leading cryptocurrency exchanges, recently <a href="https://twitter.com/binance/status/1676493768856305664?s&#61;20" rel="noopener noreferrer nofollow">announced</a> the suspension of deposit and withdrawal support for a range of Multichain-bridged tokens. The decision, effective from July 7, 2023, impacted tokens such as Polkastarter (POLS), Alchemy Pay (ACH), SuperVerse (SUPER), Harvest Finance (FARM), Beefy Finance (BIFI), Alpaca Finance (ALPACA), Travala.com (AVA), and Spell Token (SPELL). These tokens were bridged on networks such as BNB Smart Chain, Fantom, Ethereum, and Avalanche.This move followed an earlier<a href="https://twitter.com/binance/status/1661649462387957760?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1661649462387957760%7Ctwgr%5E3e6011f0dad4d2143159aef319cbe006bf3f00d1%7Ctwcon%5Es1_&amp;ref_url&#61;https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-suspends-deposits-for-bridged-tokens-seeks-clarity-from-multichain-team" rel="noopener noreferrer nofollow"> suspension</a> of deposits for various Multichain-bridged tokens on May 25, 2023, after days of stalled transactions that created uncertainty around the Multichain protocol. Binance <a href="https://www.binance.com/en/support/announcement/updates-on-the-suspension-of-deposits-withdrawals-for-multichain-bridged-tokens-3c7d279dd37043bd8290ac718b5c08a4" rel="noopener noreferrer nofollow">stated</a> that the suspension was a risk management measure aimed at safeguarding users&#39; funds. Despite the suspension, trading of the tokens on Binance <a href="https://cryptotale.org/multichain-token-soars-45-as-transactions-return-to-normalcy/" rel="noopener noreferrer nofollow">remained unaffected</a>, and users could still withdraw them through alternative networks.-Read full article at <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Cr</a><a href="https://cryptotale.org/multichains-outflows-spark-concern-binance-ceo-assures-user-safety/" rel="noopener noreferrer nofollow">yptoTale.</a>

Multichain's Outflows Spark Concern, Binance CEO Assures User Safety

CryptoTale

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