Intense Crypto Market Turmoil Leaves Multichain Users Stranded
In the last few hours, there has been intense turmoil in the crypto market as several users reported transactions of being stuck since Sunday, executed through Multichain’s cross-chain bridge. In response to the growing concerns, crypto exchange Binance has taken a bold move as the exchange recently announced the suspension of deposits of bridged tokens amid the abnormal delay in cross-chain assets.
Binance Suspends Deposit For 10 Bridged Tokens
Due to ongoing problems with the Multichain bridge project, Binance, a centralized cryptocurrency exchange, has temporarily stopped deposits for 10 tokens. This affects users who have these tokens on BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchains. The tokens include AVA-ETH, SPELL-AVAXC, and FTM-ETH, according to Binance. Deposits of these tokens on other networks are not affected, and users can check Binance’s deposit page for more details.
We’ll be temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team.
POLS-BSC
ACH-BSC
BIFI-FTM
SUPER-BSC
AVA-ETH
SPELL-AVAXC
ALPACA-FTM
FTM-ETH
FARM-BSCDeposits of the above assets on other networks are…
Multichain users have been facing a crisis for five days now which has affected transaction processing and caused many transactions to get stuck. Some of Multichain’s cross-chain bridges — such as Kava, zkSync, and Polygon zkEVM — are still not working. This leaves the platform’s users and the crypto community in doubt and worries as they wait for clear information.
Multichain Remains Silent Amidst User Outrage
Meanwhile, crypto projects are reacting to the team’s silence. It quickly grew to a whopping $10.5 billion in total value locked (TVL) in early 2022 before the crypto market turned bearish. Multichain also raised a massive $60 million in a seed round led by Binance Labs, the venture arm of crypto exchange Binance, in December 2021.
Despite this significant backing and growth, Multichain’s unresponsiveness has left many users waiting for answers and solutions to their transaction delays.
| Network | Token | Status |
|---|---|---|
| BNB Smart Chain | POLS-BSC | Suspended |
| Fantom | BIFI-FTM | Suspended |
| Ethereum | AVA-ETH | Suspended |
| Avalanche | SPELL-AVAXC | Suspended |
As frustrations mount among users who have been waiting days for transaction resolutions, some are taking to social media platforms like Reddit and Twitter to express their concerns. On these platforms, users discuss potential reasons behind Multichain’s silence and speculate about the future of the project.
Potential Implications for Multichain’s Future
The current situation puts not only users at risk but also has potential implications for Multichain’s future standing within the crypto market. With an increasing number of questions arising from both individuals and projects that rely on cross-chain assets, it is crucial that Multichain addresses these concerns promptly.
As it stands, Binance has taken a proactive approach by suspending deposits for bridged tokens while waiting for clarity from the Multichain team. This move may prompt other exchanges to follow suit if the situation persists.
In conclusion, the recent events surrounding Multichain’s cross-chain bridge have left users and investors concerned about the future of this popular project. Binance’s decision to suspend deposits for bridged tokens is a significant development in this ongoing saga. The crypto community will be watching closely to see how Multichain addresses user concerns and resolves the ongoing transaction delays.