Leading US-based cryptocurrency exchange Coinbase will suspend trading of the crypto assets of its multichain (MULTI) bridge platform effective September 6.
The decision comes after Multichain advised its users to stop using its services.
Earlier this year, the protocol announced that the team members could not find the project’s CEO, Zhao Jun, due to technical difficulties.
“The team has made every effort to keep 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 do so suspend the project.
“The Multichain service is currently stopped and all bridging transactions will hang on the source chains. There is no confirmed resume time. Do not use the Multichain bridging service now.”
Coin base say it regularly monitors the cryptocurrencies traded on its platform to ensure they meet 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 trading), Coinbase Pro, Coinbase Exchange and Coinbase Prime.”
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