Binance Suspends Eight Altcoins Tied to Bridge Protocol Multichain After May Incident – The Daily Hodl

Binance, the largest crypto exchange in the world, has suspended deposits and withdrawals for eight altcoins tied to bridging platform Multichain.

In a new announcement, Binance says it’s halting support for Alchemy Pay (ACH) via the BNB Smart Chain, Spell Token (SPELL) via the Avalanche C-Chain, and six other lower market cap altcoin projects via Ethereum, Fantom

The tokens were already suspended once in May following an incident described by Multichain as a “force majeure,” or an attack that left some routes on its bridge unavailable. Binance has not given a specific reason for halting support for the projects, but did briefly reference the incident in its announcement.

Multichain said at the time of the incident,

“While most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically. Multichain will compensate users who are affected during this process, and the compensation plan will be announced later.”

Shortly following the incident, the company revealed that it couldn’t locate its CEO, and there have been no updates on his whereabouts, since.

“In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.”

Binance says the tokens will be suspended until further notice.

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Featured Image: Shutterstock/Stella_paint/Diego Ioppol

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• Source: https://dailyhodl.com/2023/07/05/binance-suspends-eight-altcoins-tied-to-bridge-protocol-multichain-after-may-incident/