Home | Crypto News | After May Incident, Binance Suspends Eight Altcoins Tied to Bridge Protocol Multichain

After May Incident, Binance Suspends Eight Altcoins Tied to Bridge Protocol Multichain

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Eight altcoins linked to the bridging platform Multichain have had their deposits and withdrawals blocked by Binance, the biggest cryptocurrency exchange in the world.

Alchemy Pay (ACH) via the BNB Smart Chain, Spell Token (SPELL) via the Avalanche C-Chain, and six other lesser market cap altcoin projects via Ethereum, Fantom, according to a new notice from Binance, would no longer be supported.

As a result of what Multichain referred to as a “force majeure,” or an attack that rendered some routes on its bridge unusable, the tokens were already halted once in May. Although it did not provide a detailed justification, Binance did make a passing allusion to the incident in its announcement.

At the time of the occurrence, Multichain stated:

“While the majority of the Multichain protocol’s cross-chain routes are operating without issues, some of them are now down due to a force majeure, and it is unknown when service will be restored. All outstanding transactions will be automatically credited once service has been restored. Users that are impacted by this process will receive compensation from Multichain; the compensation mechanism will be revealed later.

The corporation disclosed shortly after the incident that it couldn’t find its CEO, and there have been no more updates on his whereabouts since.

“Due to unforeseen circumstances, the Multichain protocol has encountered numerous difficulties during the last two days. The team has made every effort to keep the protocol operational, but we are currently unable to get in touch with CEO Zhaojun and secure the required server access for upkeep.”

The tokens will be suspended till further notice, according to Binance.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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