Binance Temporarily Halts Deposits for 10 Multichain-Bridged Tokens

Binance, a prominent cryptocurrency exchange, announced a temporary suspension of deposits for ten tokens bridged through the Multichain (MULTI) protocol. This decision comes after a period of stuck transactions and uncertainty regarding the functioning of the Multichain protocol.

Affected Tokens and Networks

The suspension affects tokens related to various blockchain networks, including Fantom (FTM), BNB Smart Chain, Ethereum (ETH), and Avalanche (AVAX). Some of the affected token pairs include Polkastarter (POLS), AlpacaToken (ALPACA), Travala.com (AVA), and Spell (SPELL).

Reasons for Suspension

The suspension is due to the need for further clarification from the Multichain protocol's team. It is reported that the protocol's unavailable cross-chain routes due to "force majeure" were to blame.

The Way Forward

While the suspension is temporary, it is expected to continue until there's clarity from the Multichain protocol's team. This highlights the need for communication and clarification in the rapidly evolving field of cryptocurrencies and blockchain technologies.

(https://coinmarketcap.com/headlines/news/binance-temporarily-suspends-deposits-for-10-multichain-bridged-tokens/) ↩ ↩² ↩³

(https://article.wn.com/view/2023/05/25/Binance_temporarily_suspends_deposits_for_10_Multichainbridg/) ↩ ↩² ↩³

(https://cointelegraph.com/news/binance-suspends-deposits-for-bridged-tokens-seeks-clarity-from-multichain-team) ↩ ↩²

(https://www.tradingview.com/news/cointelegraph:94c63e4a9094b:0/) ↩ ↩²

(https://twitter.com/CryptoSlate/status/1661736569613713410) ↩