Key Takeaways
- Binance suspends deposits and withdrawals for several Multichain-bridged tokens due to issues with the Multichain (MULTI) protocol.
- Affected tokens include Polkastarter, Alchemy Pay, Beefy.Finance, SuperVerse, Travala, Spell Token, Alpaca Finance, and Harvest Finance on specific networks.
- Users can still perform deposits and withdrawals for the impacted tokens through alternative networks supported by Binance.
In a significant development, Binance has announced that it will temporarily cease support for deposits and withdrawals of specific Multichain-bridged tokens. This move is a direct response to recent concerns surrounding the Multichain (MULTI) protocol. Notably, Binance had already suspended deposits for several Multichain-bridged tokens on May 24th, 2023.
Here is the list of tokens and the respective networks affected by this suspension, effective from July 7th, 2023, 00:00 UTC:
- Polkastarter (POLS) via BNB Smart Chain
- Alchemy Pay (ACH) via BNB Smart Chain
- Beefy.Finance (BIFI) via Fantom Network
- SuperVerse (SUPER) via BNB Smart Chain
- Travala (AVA) via Ethereum Network
- Spell Token (SPELL) via Avalanche C-Chain
- Alpaca Finance (ALPACA) via Fantom Network
- Harvest Finance (FARM) via BNB Smart Chain
This suspension is indicative of Binance’s proactive approach to ensuring the safety and security of its users’ assets in the wake of potential vulnerabilities or issues with the Multichain protocol. It’s important to note that users are not entirely cut off from depositing or withdrawing the tokens listed above.
Binance has clarified that customers will still have the ability to transact these tokens through other networks that it supports. Binance’s decision showcases the exchange’s commitment to adhering to stringent security standards amidst the recent authoritative investigations the firm has been under.
As the situation develops, the crypto community will be looking keenly at how Binance navigates these waters. Let’s see what further actions, if any, the exchange takes in relation to the Multichain protocol and the affected tokens.
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