Binance, one of the leading cryptocurrency exchanges, has announced the suspension of support for deposits and withdrawals of several cross-chain bridge tokens connected to the Multichain project.
The suspension, which will commence on July 7, affects a range of tokens minted on Multichain across various networks.
Tokens deployed on BNB Smart Chain, such as Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), and Harvest Finance (FARM), will be impacted by the suspension.
Additionally, tokens minted through the bridge on Fantom, including Beefy.Finance (BIFI) and Alpaca Finance (ALPACA), as well as Travala (AVA), minted on Ethereum’s bridge, are also part of the affected list.
While Binance has not provided specific reasons for the suspension, it is considered a follow-up action to a previous move taken against Multichain on May 24.
At that time, Binance temporarily suspended support for deposits of certain tokens transferred via Multichain due to complications with the Multichain protocol.
Despite the suspension, Binance assures users that they can still deposit and withdraw the impacted tokens through other supported networks on the exchange.
This means that the assets can continue to be utilized without disruption, as long as they are not associated with the Multichain project.
Currently, the Multichain Bridge manages over $1.3 billion in assets minted through its cross-chain platform. DeFiLlama data reveals that $698 million is minted on Ethereum, $339 million on BNB Smart Chain, and $92 million on Fantom.
The Multichain project faced technical issues in May, resulting in a significant number of stuck transactions. Certain pathways of the cross-chain bridge, including Kava, zkSync, and Polygon zkEVM, were non-operational during this crisis.
Initially, the Multichain team attributed the problem to technical glitches but later clarified that some bridge routes remained non-operational due to reasons classified as “force majeure.”
There were rumors that Multichain CEO Zhaojun was detained by Chinese authorities and had limited control over the project’s upgrade functions. However, the bridge routes have since returned to normal functioning.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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