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

May 25, 2023 2:19 PM | 1 min read

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 (CRYPTO: BNB), Fantom (CRYPTO: FTM), Ethereum (CRYPTO: ETH), and Avalanche (CRYPTO: AVAX)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."

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This temporary halt trails a five-day crisis that Multichain users endured, severely affecting transaction processing and resulting in numerous stalled transactions.

Several of Multichains cross-chain bridge routes, encompassing Kava (CRYPTO: KAVA), zkSync, and Polygon (CRYPTO: MATIC) 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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Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem - Benzinga

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