Binance stops accepting deposits for bridging tokens

Binance, a cryptocurrency platform, blocked deposits for 10 bridging tokens on May 25 as a result of days of stalled transactions that raised doubts about the Multichain protocol.

Polkastarter (POLS), Alpaca Finance (ALPACA), (AVA), Spell (SPELL), Fantom (FTM), Alchemy (ACH), Beefy (BIFI), SuperVerse (SUPER), Harvest Finance (FARM), and DeXe (DEXE) are among the token pairings that are affected. Users of bridging tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks will be impacted by the change.

Binance stops accepting deposits for bridging Tweet

The deposit page on Binance states that it is still possible to withdraw these tokens and make deposits on other networks.

Multichain’s (MULTI) reluctance to address the ongoing issues has increased uncertainty. The report claims that several cross-chain bridges have slowed down system transactions.

Several cross-chain routes were inaccessible “due to force majeure,” according to a tweet from Multichain on May 24. It also stated that it was uncertain when the service would be restored. It was the protocol’s final message posted on the social networking site. Previously, a backend node update was blamed for the delay.

Not just Binance but other businesses also took action during the mysterious delay. According to reports, a wallet account connected to the Fantom Foundation took 449,740 MULTI ($2.4 million) from SushiSwap’s liquidity. On May 24, the blockchain analytics company Lookonchain also disclosed MULTI outflows associated with smart money accounts totaling $3 million.

There were rumors on Twitter that the Multichain crew had been detained by the Chinese police and that the $1.5 billion in smart contract monies had been taken over by the government.

This incident shows how susceptible the cryptocurrency market is too technical problems, regulatory uncertainty, and unverified information, underscoring the significance of openness, communication, and prompt problem-solving for the further growth and widespread acceptance of cryptocurrencies.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

Leave a Comment