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

Cryptocurrency exchange Binance has temporarily halted deposits of 10 specific tokens Thursday, a move prompted by ongoing problems with the Multichain Bridge initiative.

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.

Also Read: Sam Altman’s Worldcoin Secures $115M In VC, Hopes To Grow From 2M Users To Billions

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 (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.”

Read Next: The Next Crypto Sensation: Base’s Mainnet Launch And What It Means For You

Photo via Shutterstock. 

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