Binance to suspend support for Multichain-linked tokens

From July 7, the cryptocurrency exchange Binance will suspend deposits and withdrawals of several tokens following the May incident with the cross-chain project Multichain.

The suspension affects coins created by the problematic protocol across networks:

• Polkastarter (POLS) on BNB Chain;
• Alchemy Pay (ACH) on BNB Chain;
• SuperVerse (SUPER) on BNB Chain;
• Harvest Finance (FARM) on BNB Chain;
• Travala (AVA) on Ethereum;
• Spell Token (SPELL) on Avalanche; 
• Beefy.Finance (BIFI) on Fantom Network;
• Alpaca Finance (ALPACA) on Fantom Network.

Binance did not specify the reason for its decision. The measure will remain in effect until the exchange issues the next notice.

Representatives added that users can still deposit and withdraw the affected tokens through other networks supported by the exchange.

According to DeFi Llama, as of this writing the total value locked in Multichain stood at $1.3 billion. Of this, $698 million is on Ethereum, $339 million on BNB Chain, and $92 million on Fantom.

The first technical problems at Multichain began on May 21. Users complained about transactions stuck in the blockchain due to an error during a network upgrade.

Against the backdrop of the malfunctions, Binance suspended deposits of the tokens POLS, ACH, BIFI, SUPER, AVA, SPELL, ALPACA, FTM, FARM and DEXE.

The cross-chain protocol developers promised compensation to users affected by the ‘force majeure’. Despite the continuing uncertainty around the project, a few days later MULTI surged 36%.

Earlier in June, Multichain vice president Tung Din said that Router 2, the cross-chain bridge whose failure caused the problems, had resumed operation.