Binance Suspends Support for Multichain Bridge Tokens: What You Need to Know

In a recent announcement, Binance, one of the leading cryptocurrency exchanges, revealed that it would be suspending support for the deposit and withdrawal of Multichain cross-chain bridge tokens. This decision comes into effect from 08:00 on July 7 and will continue until further notice, impacting a total of eight tokens.

The affected tokens include:

1. Polkastarter (POLS) via BNB Smart Chain

2. Alchemy Pay (ACH) via BNB Smart Chain

3. Beefy.Finance (BIFI) via Fantom Network

4. SuperVerse (SUPER) via BNB Smart Chain

5. Travala (AVA) via Ethereum Network

6. Spell Token (SPELL) via Avalanche C-Chain

7. Alpaca Finance (ALPACA) via Fantom Network

8. Harvest Finance (FARM) via BNB Smart Chain

Starting July 7, 00:00 UTC, Binance will suspend deposits and withdrawals for several Multichain-bridged tokens until further notice. This move by Binance comes as the latest development in response to ongoing issues surrounding the troubled Multichain cross-chain bridge. Previously, Binance had already temporarily suspended the top-up of tokens via the project-linked bridge a day after the initial incident occurred. As a result, deposits for pairs such as:

• POLS-BSC

• ACH-BSC

• BIFI-FTM

• SUPER-BSC

• AVA-ETH

• SPELL-AVAXC

• ALPACA-FTM

• FTM-ETH

• FARM-BSC

• DEXE-BSC

have been affected by this situation.

The chain of events began on May 24 when information circulated on Twitter alleging that authorities had arrested the Multichain team in China. Simultaneously, several on-chain indicators hinted at suspicious movements linked to the MULTI token.

Multichain has confirmed that certain cross-chain remittance gateways within the project are currently non-functional due to “force majeure reasons,” with an unknown timeline for recovery. While Multichain has promised to fully compensate affected users, no further details regarding the compensation plan have been disclosed thus far.

Adding to the concerns surrounding the Multichain bridge, data tracking site Lookonchain has detected significant transfers of MULTI tokens to the Gate exchange. This has raised alarm among users of the bridge, heightening apprehension about the situation.

However, there have been recent updates indicating that some of the Multichain protocol's cross-chain bridges have been restored and are now operational as of June 5. Tung Dinh, the Vice President of Multichain, has confirmed the restoration of the Multichain router2 router, signaling that the core component of the bridge is back to normal. Speculation also surrounds the condition of Multichain's co-founder and CEO, Zhao Jun, with rumors suggesting that he may have been released from prison.

Multichain, formerly known as Anyswap, is a platform that facilitates the bridging of cryptocurrencies and NFTs across different blockchains. The Multichain Router determines the most suitable method for bridging the desired coin. For coins with native tokens on multiple chains, Multichain employs liquidity pools to swap cryptocurrencies across chains. In the absence of a native coin, Multichain locks up the token in a smart contract and mints a pegged token on the target chain. Additionally, Multichain has its own governance token, MULTI.

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