Ouch, the Multichain Issue Still Continues! Binance Temporarily Suspends Deposits


 The world's largest crypto exchange Binance announced on Thursday that they have decided to temporarily suspend deposits for some bridged network tokens as they are still waiting for feedback from the Multichain team.

Meanwhile, various sources claim Multichain co-founder and CEO Zhao Jun is now missing and suspected to be under investigation by the police. Fusion Foundation founder and co-founder Qian Dejun confirmed that he was unable to contact Zhao Jun.

Crypto Exchange Binance in a tweet on May 25 announced the temporary suspension of deposits for bridged tokens related to Multichain. Binance will reopen deposits only after receiving feedback from the Multichain team.

Binance has suspended deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC and DEXE-BSC. Deposits for these assets on other networks remain open.

Multichain confirmed in advance that most of the Multichain protocol cross-chain routes are working normally, but some cross-chain routes are unavailable due to "force majeure" and the time to restore service is unknown.

The Fantom Foundation raised $2.4 million from SushiSwap. HashKey Group transferred $250,000 to crypto exchange Gate.io, and Tron founder Justin Sun withdrew 470,000 USDD stablecoins.

Multichain's native token (MULTI) fell 40% in the last 3 days when the situation occurred. The price is currently trading at $4.80, down 25% in the last 24 hours.