Binance Suspends Multichain Tokens

Binance Suspends Multichain Tokens

The suspension of deposits and withdrawals for several cross-chain bridge tokens connected to the Multichain project has been announced by cryptocurrency exchange Binance. Starting on July 7, the suspension will impact tokens used on networks like Fantom, BNB Smart Chain, and Ethereum’s bridge. This action will affect several networks.

Polka Starter (POLS), Alchemy Pay (ACH), Beefy. The suspension affects tokens such as Finance (BIFI), Harvest Finance (FARM), Alpaca Finance (ALPACA), and Travala (AVA). Binance has not provided a specific justification for the suspension. However, the company mentioned that it is a response to previous steps taken against Multichain. On May 24, the temporary termination of support for tokens transferred over Multichain occurred due to protocol issues.

Other supported networks on the exchange allow Binance users to continue depositing and withdrawing the impacted tokens, even during the suspension of Multichain-related assets. But the Multichain project’s transactions will come to an end. 

Binance: Multichain Bridge Routes Operating Normally

The Multi Chain Bridge presently manages assets created through its cross-chain platform worth over $1.3 billion. DeFiLlama statistics show $698 million on Ethereum, $339 million on BNB Smart Chain, and $92 million on Fantom. The assets are distributed across these three platforms. The project experienced technical issues in May that caused a sizable number of transactions to become stalled. During the crisis, some bridge routes-including Kava, zkSunc, and Polygon zkEVm-were not in use.

Initially, Multichain blamed the problems on technical difficulties, but later they stated that a few bridge routes were inactive due to circumstances considered to be “force majeure.” The project acknowledged difficulties in contacting Multichain CEO Zhaojun. Accusations arose accusing Chinese officials of holding him captive. These accusations raised concerns about his control over the project’s update features. The Multichain Bridge routes appear to be operating normally right now.


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