While the Multichain crisis experienced yesterday is still unclear, Binance, the world's largest cryptocurrency exchange, made a statement about the event.
Announcing that they will temporarily suspend deposits for some bridged token network, Binance stated that the trade continues and included the following statements in its statement:
“While we await clarity from the Multichain team, we will temporarily suspend deposits for the bridged token network below.
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 in other networks are still open."
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-BSCDeposits of the above assets on other networks are…
— Binance (@binance) May 25, 2023
What Happened?
The allegation that the Chinese police had arrested the Multichain team and confiscated their funds yesterday caused the price of Multichain (MULTI) to fall sharply.
After these allegations, although the Multichian team made a statement on Twitter, the question marks in the minds of the investors could not be resolved.
The team stated that some of the delays in the network were caused by the update, and said that all affected transactions will be completed after the update is complete.
The team also reassured users that pending transactions will be automatically credited after the service is restored, and Multichain will compensate users affected in the process.
MULTI continues to trade at $4.91 at the time of writing.
*Not investment advice
