Binance, the popular cryptocurrency exchange, has recently made an announcement regarding the suspension of deposit and withdrawal support for several Multichain-bridged tokens, effective from July 7, 2023. This decision comes as a response to the ongoing challenges faced by the Multichain protocol and will remain in effect until further notice.
The tokens affected by this decision include Polkastarter (POLS), Alchemy Pay (ACH), SuperVerse (SUPER), Harvest Finance (FARM), Beefy Finance (BIFI), Alpaca Finance (ALPACA), Travala.com (AVA), and Spell Token (SPELL). Deposits for these tokens were previously halted on May 25, 2023, due to technical issues that led to stalled transactions, causing uncertainty among users.
Binance acknowledges the inconvenience caused by this suspension and emphasizes that it is a precautionary measure to protect users’ funds. However, it is important to note that the trading of these tokens on Binance will not be affected, and users can still withdraw them through alternative networks. User balances will not be impacted by this decision.
The situation surrounding Multichain has been marked by turbulence, with reports of certain bridges becoming inaccessible. There are also rumors circulating about the disappearance of Zhao Jun, the protocol’s co-founder and CEO, as well as speculation of a potential police investigation.
Binance aims to address the challenges posed by the Multichain protocol and ensure the security of users’ assets. As developments unfold, it is advisable for users to stay updated through official announcements from Binance and exercise caution while engaging with Multichain-bridged tokens.
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