Multichain

Read

Avalanche

<p class="is-style-lead">In response to a series of transaction issues that raised concerns about the Multichain (MULTI) protocol, leading crypto exchange Binance has temporarily suspended deposits for 10 bridged tokens as of May 25.</p>



<p>Affected token pairs include polkastarter (POLS), alpacatoken (ALPACA), travala.com (AVA), spell (SPELL), fantom (FTM), alchemy (ACH), beefy (BIFI), superverse (SUPER), harvest finance (FARM), and dexe (DEXE).</p>



<h2 class="wp-block-heading" id="a-temporary-suspension">A temporary suspension</h2>



<p>In a tweet that went out on May 25, Binance shared that they will temporarily be suspending deposits for bridged tokens-network while they await clarity. </p>



<p>The announcement impacts the following pairings, POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, DEXE-BSC on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks. </p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="948" src="https://crypto.news/app/uploads/2023/05/Screen-Shot-2023-05-25-at-1.40.47-PM-1024x948.png" alt="Deposit suspensions hit bridged tokens pending multichain team&#039;s clarification - 1" class="wp-image-14161711"></figure>



<p>As stated on Binance&#8217;s deposit page, although deposits for these specific tokens are temporarily halted, withdrawals of these tokens and deposits on other supported networks remain unaffected and continue to be available for users.</p>



<h2 class="wp-block-heading" id="the-fuel-for-uncertainty">The fuel for uncertainty</h2>



<p>Despite Binance attributing the suspension to Multichain, the company has been relatively silent. The last <a href="https://twitter.com/MultichainOrg/status/1661443109019062272" target="_blank" rel="noreferrer noopener">tweet</a> from Multichain went out on May 24.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/cftc-charges-5-in-fraudulent-digital-asset-trading-scheme/" class="cn-block-related-link__link">
            CFTC charges 5 in fraudulent digital asset trading scheme        </a>

    
</div>


<p>However, on Twitter, rumours also circulated around the Multichain team being arrested in Shanghai and causing the initiation of the transfer of funds.</p>



<p>According to <a href="https://twitter.com/ArkhamIntel/status/1661405156469030915?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1661405156469030915%7Ctwgr%5E16803bd5594223b9e8f14c1ab1b059bb134e859a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbinance-suspends-deposits-for-bridged-tokens-seeks-clarity-from-multichain-team" target="_blank" rel="noreferrer noopener">@ArkhamIntel on Twitter,</a> team wallets associated with the project have reportedly shifted approximately $3 million worth of $MULTI to the cryptocurrency exchange Gate.io. These developments have further contributed to investor apprehension, resulting in a significant 26.5% drop in the price of $MULTI within a 24-hour period. </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Binance Tutorial For Beginners 2023 (FULL STEP-BY-STEP GUIDE)" width="1020" height="574" src="https://www.youtube.com/embed/DBkvdlAlNDY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>This incident highlights the vulnerability of the cryptocurrency market to technical issues, regulatory uncertainties, and unverified information, reiterating just how important transparency, communication, and prompt resolution of issues are to the ongoing development and adoption of cryptocurrencies.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/kyosaki-and-druckenmiller-voice-concerns-over-us-economic-crisis/" class="cn-block-related-link__link">
            Kyosaki and Druckenmiller voice concerns over US economic crisis        </a>

    
</div>

Deposit suspensions hit bridged tokens pending multichain team’s clarification

Tabla de contenidos

crypto.news

Otros artículos publicados el 25 may 2023

Stablecoins’ future becomes uncertain amid crypto slump

SUI could be the game-changer for Layer1丨The SUI knowledge you must understand

Japan Tightens Crypto Exchange Regulations Amid Growing Concerns

Avalanche Beginner’s Guide – Part 2

UK sees over 40% surge in crypto-related fraud cases

The $DONS Recap 25.05.2023

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!