Binance Temporarily Halts Deposits for Select Bridged Tokens-Network Amid Multichain Uncertainty

By Tsunami 05/25/23 2:20 PM

Binance has announced the temporary suspension of deposits for several bridged tokens-network pairs. The decision comes as Binance awaits further clarity from the Multichain team, raising concerns about the stability and security of these specific cross-chain routes.

Binance users will no longer be able to deposit the following bridged tokens-network pairs: POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. However, deposits of these assets on other networks remain unaffected, providing users with alternative avenues for transactions.

We’ll be temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team.

POLS-BSC
ACH-BSC
BIFI-FTM
SUPER-BSC
AVA-ETH
SPELL-AVAXC
ALPACA-FTM
FTM-ETH
FARM-BSC
DEXE-BSC

Deposits of the above assets on other networks are…

— Binance (@binance) May 25, 2023

The exact reasons for the temporary suspension remain undisclosed by Binance, but they have stated that they are eagerly awaiting clarity from the Multichain team. This lack of transparency has left many users speculating about the underlying cause behind the decision.

Reports suggest that Multichain, the company responsible for facilitating the cross-chain routes, is experiencing significant issues of its own. The founder of Multichain has seemingly disappeared, as attempts to contact them have proven fruitless. The founder’s sudden absence has sparked suspicions of a potential investigation into their activities.

The situation has raised concerns among users who may be left wondering about the security of their assets. Binance, in its efforts to prioritize the safety of its users’ funds, has taken the precautionary step of suspending deposits until the Multichain team provides clarification. This move is a testament to Binance’s commitment to maintaining the integrity of its platform and protecting its users.

To shed light on the matter, Multichain has released a statement on their website, acknowledging the issues and assuring affected users of compensation for any losses incurred. The specifics of this compensation are yet to be fully disclosed, but Multichain’s commitment to addressing the situation is a positive sign for users affected by the temporary suspension of deposits.

Binance, as a trusted and reputable cryptocurrency exchange, has always maintained a robust approach to security and risk management. Their swift action in suspending deposits demonstrates their dedication to user protection. By monitoring the situation closely, Binance aims to resume normal operations for the affected bridged tokens-network pairs as soon as possible.

For users seeking further information and updates, Binance has advised referring to their official deposits page, where they will provide regular updates on the status of the affected tokens and networks. The exchange remains committed to transparency and ensuring that users stay informed throughout the process.

As the cryptocurrency industry continues to evolve, incidents like this remind us of the importance of due diligence and cautious decision-making. Binance’s proactive approach to suspending deposits until clarity is obtained serves as a valuable lesson in prioritizing user safety and upholding industry standards.

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