Binance suspends deposits from 10 cryptocurrency networks

Binance this Thursday (25) suspended the deposit of 10 cryptocurrencies, hit by a flaw in the networks of a famous “bridge” between cryptocurrencies, the Multichain.

It all started last Wednesday (24), when the project that moves millions of dollars between blockchains recognized the first problems.

It’s still unclear if hacking incidents have occurred on the bridges, or if it’s just a bug situation. In any case, the market is following the case closely to avoid losses.

Multichain says it will refund affected users

When the Multichain team commented on the matter last Wednesday, it wasn’t entirely clear why some of their bridges stopped working.

In addition, it caused panic among investors who need the service, the information that there is no time to resume the services.

In any case, the statement makes it clear that all affected customers must get their money back, also in the future. This Thursday (25) most of the services are still unavailable and with problems.

“Although most of the cross-chain routes of the Multichain protocol are working fine, some cross-chain routes are unavailable due to force majeure and the time for service resumption is unknown. After the service is restored, open transactions will be automatically credited. Multichain will compensate affected users during this process and the compensation plan will be announced at a later date.”

Binance suspends deposits from 10 cryptocurrency networks linked to Multichain

With the crash of token networks, sending tokens has become an impossible task. For example, Binance was one of the brokers that announced the blocking of token deposits from the troubled networks.

Binance also stated that it is awaiting clarification from Multichain and will continue to temporarily suspend deposits.

“We will temporarily suspend deposits for the next bridged token network pending clarification from the Multichain team. POLS-BSC; ACH-BSC; BIFI-FTM; SUPER-BSC; AVA ETH; SPELL-AVAXC; ALPACA-FTM; FTM ETH; FARM-BSC; DEEXE-BSC. Deposits of the aforementioned assets on other networks are still open. See our deposit page for more details.”

DeFi bridges act as intermediaries and facilitate the transfer of digital assets between different blockchains. That is, they help interoperability between different networks, using smart contracts.

For example, with a DeFi bridge you can move your Ethereum (ETH) tokens to the BNBChain blockchain or vice versa.

This opens up opportunities for users to take advantage of the resources and investment opportunities available on various networks associated with cryptocurrencies.

Source: Live Coins

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