![]() Bridging aggregation service Li.Fi also took. ![]() A whitehat hacker later returned $900,000 of it. On Thursday, Binance said it would temporarily suspend deposits in 10 Multichain-bridged tokens while we await clarity from the Multichain team. In early 2022, $3 million was drained from Multichain by multiple hackers. In a blog post this year, Buterin advised people to “try to minimize how much you rely on bridges at all,” adding that crypto users should “hold assets on the chain where they originate.”Ĭross-chain bridges have also become a common target for crypto hackers-including the Multichain protocol. Crypto exchange Binance today announced that it is ceasing all deposits and withdrawals for the ten Multichain-bridged tokens that were previously part of a deposit suspension by the exchange after certain transactions on the Multichain (MULTI) protocol froze in May. Ethereum co-founder Vitalik Buterin is one of a number of prominent crypto figures who have cautioned against relying on cross-chain bridges. What happened to Zhaojun remains a mystery, but Bobie, the founder of Web3 knowledge graph protocol 0xScope, tweeted on June 5 that Multichain had partially resumed operations, a possible sign that the CEO was “ unjailed.” A bridge too far?Ī lot of negative press has surrounded cross-chain bridges due to their perceived vulnerabilities. This decision came as a result of transactions getting. ![]() The protocol later confirmed on Twitter that its CEO was missing and that he had sole access to the blighted servers responsible for the delays. Binance, the largest cryptocurrency exchange by volume, has withdrawn support for eight multichain bridged tokens, effective July 7, 2023. The mysterious problems afflicting Multichain’s cross-chain bridge began back in late spring after users flooded Multichain’s Telegram complaining that certain pending transfers were stuck.Īt the time, rumors swirled that Chinese authorities had arrested several Multichain executives, including its chief executive officer Zhaojun. ![]()
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