Binance Suspends Deposits Amid Multichain Protocol Issues
Binance Halts Deposits for Bridged Tokens
Binance, a leading cryptocurrency exchange, has suspended deposits for ten bridged tokens following disruptions in the Multichain protocol. This move comes after several days of uncertainty, as transactions via the cross-chain protocol faced delays across multiple bridges. The Multichain team attributed these issues to force majeure, leaving the timeline for service restoration unclear.
Impact on the Crypto Market
Binance's decision reflects broader concerns in the crypto community. The Fantom Foundation also reacted by withdrawing 449,740 MULTI tokens, worth approximately $2.4 million, from liquidity on SushiSwap. The MULTI token experienced a significant price drop amid these events. Additionally, unconfirmed reports suggested that Multichain's team might have been detained by Chinese authorities, with $1.5 billion in smart contract funds potentially under control.
FTX's Potential Comeback
In a separate development, FTX, a previously bankrupt crypto exchange, is making strides towards a potential revival. Recent court filings reveal that FTX's new management has been actively engaging with creditors and debtors to devise plans for relaunching the platform as FTX 2.0. This reboot could involve a bidding process, with expectations that the exchange might resume operations as early as 2024. Notably, FTX has successfully recovered over $7 billion in assets, supporting its comeback ambitions.
This summary highlights the ongoing challenges and strategic movements within the cryptocurrency sector, emphasizing the recent actions of Binance and FTX's revival efforts.
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