“Binance Suspends Deposits for Multichain-Linked Tokens Amidst Uncertainty and Missing CEO Rumors”

The world’s largest cryptocurrency exchange Binance said Thursday that it will temporarily suspend deposits for several connected network tokens as clarifications from the Multichain team are still pending.

Meanwhile, multiple sources claim that Multichain co-founder and CEO Zhao Jun is currently missing and is suspected of being investigated by the police. Fusion Foundation founder and co-founder Qian Dejun confirmed that he cannot reach Zhao Jun because he remains unavailable.

Binance seeks clarity from the May 25 tweet that the Binance exchange announced a temporary suspension of deposits for Multichain-linked tokens. The trading platform may not reopen deposits unless after clarification from the Multichain team.

Binance has suspended deposits for POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. Deposits of these assets on other networks remain open.

Multichain confirmed earlier that most of the cross-chain paths of the Multichain protocol are working normally. However, some cross-chain routes are not available due to “force majeure” and the service recovery time is unknown. Many users have reported money stuck in the bridge for several hours. The team agreed to compensate the users for their losses.

The Fantom Foundation has withdrawn 2.4 million of the protocol’s native MULTI tokens on SushiSwap. HashKey Group transferred $250,000 to the cryptocurrency trading platform. Founder Justin Sun withdrew $470,000 in stablecoins. The Fantom Foundation is greatly affected by the lack of cross-chain Multichain methods. Followed by BSC and Optimism.

MULTI price down 40% Fusion founder and former co-founder of Multichain Qian Dejun took to Twitter regarding the situation on Multichain.

He said: “I also hope there is nothing serious about multichain. Although I am not ashamed of what Zhao Jun did before. I asked Guochang for some information to see if he could provide technical assistance or other assistance. Well, the most important thing is the safety of user assets and the safety of people.”

Multichain’s native MULTI token has fallen by 40% in the past 3 days as the situation evolves. The price is currently trading at $4.90, down 25% in the last 24 hours.

Crypto Horizon

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