Binance, a leading cryptocurrency exchange, has temporarily suspended deposits of 10 tokens that are linked to the Multichain bridge project. The suspension was announced on May 25, 2023, and it affects users of these bridged tokens on BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks.
Affected tokens include:
Binance said that the suspension was necessary “while we await clarity from the Multichain team.” The exchange did not provide any further details about the issue.
Multichain is a cross-chain protocol that allows users to transfer assets between different blockchains. The project has been experiencing some technical issues in recent days, which have led to delays in transactions and the loss of funds for some users.
In a statement, Multichain said that it is “working hard to resolve the issue” and that it is “committed to the safety of our users’ funds.” The project also said that it is “offering a full refund to all users who have lost funds.”
The suspension of deposits on Binance is the latest setback for Multichain. The project has also been criticized for its lack of transparency and its high fees.
It remains to be seen how long Binance will suspend deposits of bridged tokens linked to Multichain. The exchange said that it will “update users as soon as we have more information.”