Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem
Cryptocurrency exchange Binance has temporarily halted deposits of 10 specific tokens Thursday, a move prompted by ongoing problems with the Multichain Bridge initiative.
Tokens impacted by this suspension are primarily used on the BNB Smart Chain BNB/USD, Fantom FTM/USD, Ethereum ETH/USD, and Avalanche AVAX/USD blockchain networks.
The list includes tokens like AVA-ETH, SPELL-AVAXC and FTM-ETH.
Binance stated that deposits of these digital assets on alternative networks are unaffected, and users should consult the exchange’s deposit page for more details.
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Binance made a public statement noting, “We are temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team.”
This temporary halt trails a five-day crisis that Multichain users endured, severely affecting transaction processing and resulting in numerous stalled transactions.
Several of Multichain’s cross-chain bridge routes, encompassing Kava KAVA/USD, zkSync, and Polygon MATIC/USD zkEVM, are yet to be restored.
Initially, the Multichain project attributed the disruption to technical complications.
Nevertheless, as users’ frustration amplified, the issue’s cause was revised to a vague “force majeure.”
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