Leading US-based cryptocurrency exchange Coinbase announced that it will suspend trading for Multichain’s crypto asset, MULTI, starting from September 6th. This decision was made after Multichain advised its users to stop using its services. Multichain has faced several challenges this year, including technical issues and the theft of $126 million worth of assets from its Fantom bridge.
Earlier this year, Multichain’s team revealed that they were unable to locate the project’s CEO, Zhao Jun, due to technical issues. Despite their efforts to maintain the protocol running, they couldn’t contact Zhaojun and obtain the necessary server access for maintenance.
In addition to the technical issues, Multichain experienced a major security breach last month. Cybersecurity firm PeckShield reported that bad actors were able to steal $126 million worth of assets from Multichain’s Fantom bridge. This incident led the developers to suspend the project, leaving all bridge transactions stuck on the source chains, with no confirmed resume time.
Coinbase regularly reviews cryptocurrencies traded on its platform to ensure they meet the listing standards. After assessing the assets, Coinbase made the decision to suspend support for five other assets in addition to MULTI. These assets include BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX). Trading of these assets will be suspended on Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
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As a cryptocurrency exchange, Coinbase prioritizes the security and integrity of the assets listed on its platform. By suspending trading for MULT, as well as the other mentioned assets, Coinbase aims to protect its users from any potential risks associated with these assets.
It is important to note that investors should always conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades in the crypto market come with their own set of risks, and any losses incurred are the responsibility of the investor.
The Daily Hodl, the source of this news, emphasizes that the opinions expressed in their articles are not investment advice. They encourage readers to be cautious and informed when investing in cryptocurrencies or digital assets. The Daily Hodl also states that they do not recommend the buying or selling of any cryptocurrencies or digital assets, nor do they act as investment advisors.
In conclusion, Coinbase’s decision to suspend trading for Multichain’s MULTI asset, along with five other assets, is a proactive step to ensure the safety of its users and maintain the integrity of its platform. The challenges faced by Multichain, including the absence of its CEO and the security breach, have raised concerns about the reliability and security of the project. As the cryptocurrency market continues to evolve, exchanges like Coinbase must remain vigilant in their approach to listing and supporting assets.
