Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem

Zinger Key Points
  • Tokens affected across four major blockchain platforms.
  • Cause of issue shifted to 'Force Majeure' amid user frustration.

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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Photo via Shutterstock. 

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Posted In: CryptocurrencyNewsTop StoriesMarketsBinanceBridged Tokens NetworkCryptocurrency ExchangeMultichain Bridge
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