Leading US-based cryptocurrency exchange Coinbase will suspend trading for the crypto asset of the bridging platform Multichain (MULTI) effective September 6th.
The decision comes after Multichain advised its users to stop using its services.
Earlier this year, the protocol announced that its team members couldn’t find the project’s CEO, Zhao Jun, amid technical issues.
“The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.”
Cybersecurity firm PeckShield also revealed last month that bad actors managed to steal $126 million worth of assets from Multichain’s Fantom (FTM) bridge. The incident prompted the developers to suspend the project.
“The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed resume time. Please don’t use the Multichain bridging service now.”
Coinbase says it regularly reviews cryptocurrencies traded on its platform to ensure that these meet the listing standards. Based on its recent assessment, the exchange says it is also suspending support for five other assets namely BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI) and Voyager (VGX).
“Trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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