Bitcoin File(BIFI)

Jonathan Farnell, who served as head of Binance U.K. and CEO of its payment service Bifinity – which was disbanded in August – left the firm in September.

Crypto exchange Binance has decided to shut down its buy-and-sell service Binance Connect, formerly known as Bifinity, just one year after its launch, the company said in a statement.

The cryptocurrency industry has changed by leaps and bounds throughout the past couple of years. This is partly due to the fact that the market went through a parabolic rally that sent crypto into the mainstream and put it in front of the eyes of anyone who hadn’t heard about it before. This includes institutions. […]

Craig Wright, who claims to be Bitcoin inventor Satoshi Nakamoto, will be able to argue his case that the Bitcoin file format should receive copyright protection under UK law after a bench of three UK judges accepted his appeal to a previous court denial, according to a court filing.

Binance no longer supports deposits and withdrawals for several cross-chain bridge tokens linked with the Multichain project. Binance Suspends Multichain Support In a recent development, Binance, one of the world's largest cryptocurrency exchanges, has announced that it is ending support for withdrawal and deposit for several Multichain-bridged tokens. From July 7 onwards, customers on networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche will be unable to deposit or withdraw bridged tokens until further notice. It is important to note that the suspension only applies to specific tokens bridged to Multichain and does not affect the trading of other cryptocurrencies on Binance. Users can still trade and engage in transactions with the wide range of tokens available on the exchange. Some of the tokens affected by this decision are Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), Harvest Finance (FARM), tokens minted through the bridge on Fantom, like Beefy.Finance (BIFI) and Alpaca Finance (ALPACA), and a token minted on Ethereum’s bridge, Travala (AVA). Binance Assures Funds Safety Multichain is a cross-chain interoperability protocol. It enables the seamless transfer of assets between different blockchain networks and currently oversees over $1.3 billion in assets, with $698 million minted on Ethereum, $339 million minted on BNB Smart Chain, and $92 million on Fantom. However, Binance is taking no chances when it comes to safeguarding user funds. Although the team has assured customers that funds remain secure, the uncertainty around the matter is worrying users whose funds are stuck in the protocol. According to a Binance spokesperson, the temporary suspension of these services on the Binance platform is only a temporary risk management measure. Users can still trade the tokens on Binance and withdraw them using alternative networks. This means that as long as the assets do not involve the Multichain project, they can proceed as normal. The Multichain Complication Although the team has not specified the exact reason behind this decision, it is implied that it is in response to the protocol’s difficulties that occurred in May. During that period, the project experienced transactional difficulties with processing bridge transfers. Kava, zkSync, Polygon zkEVM, and several other pathways of the cross-chain bridge were not functioning properly. Multichain CEO Zhaojun was also unreachable and rumored to be taken into police custody. As a result, Binance suspended deposits for Multichain-bridged tokens on May 25, citing complications within the protocol. The recent suspension is just a follow-up to the previous action against Multichain. In conclusion, Binance's decision to suspend transfers of several tokens tied to Multichain is a proactive measure to ensure the security and stability of its users' funds. Users are advised to stay informed through official channels and await further updates from the exchange. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The silence emanating from Multichain’s leadership has amplified rumors, leading to significant unease and uncertainty among protocol users. At present, several of Multichain’s cross-chain pathways remain down, leading to a major pile-up of transactions on the protocol. Multichain’s Radio Silence The radio silence from the Multichain team has left users searching for answers, with the protocol currently holding $1.5 billion in total value locked (TVL). Multichain face a fifth day of outages and transactions that are in limbo, primarily due to multiple cross-chain pathways that are still offline. These include Polygon zkEVM, Kava, and zkSync. Initially, the team stated that this was caused due to an upgrade that was being patched. However, this explanation was revised, with the cause outlined as an ambiguous explanation of “force majeure.” The uncertainty and radio silence comes against the backdrop of unverified rumors circulating on Twitter that the protocol’s core leadership could possibly be under arrest in China. Co-founder of Multichain, DJ Qian, took to Twitter, stating he had asked Multichain CEO Zhaojun and its founding partner Xu Guochang if they could provide any help or explanation. “From yesterday to today, I received a lot of greetings. Many people sent messages asking me if I was okay. Thank you for your concern. Of course, I’m fine. At the same time, I also hope that there is nothing serious about multichain. Although I am not ashamed of what Zhaojun did before, after all, I brought Zhaojun and Guochang into the industry. I asked Guochang for some information to see if he could provide technical or other help. Well, the most important thing is the safety of user assets and the safety of people.” Leadership Under Arrest? With rumors of the team’s arrest circulating on Twitter, Multichain’s VP of Strategic Partnerships stated in a Telegram group message that he was not aware if Chinese authorities had actually detained the protocol’s leadership. Protocol CEO Zhaojun did not reply to any messages on the group in question nor to direct queries. The project’s Discord server and other Telegram groups are dealing with similar uncertainty, with no updates about the project or its future. All community members have been told to wait for any further updates. MULTI Token Plummets With the uncertainty surrounding the project, the protocol’s native MULTI token has continued its downward trajectory. With users complaining that their transactions had been stuck since Sunday, the team assured them that their funds were safe and they were working to resolve the issue. David Who, a community manager with Multichain, had given users an update, stating, “At this stage, we can’t be sure when it will be fully fixed. However, our user’s funds are safe, and pending transactions would “pass through automatically and instantly” after resolution.” However, with no resolution, the token’s price has continued to drop. Currently, the MULTI token is down over 28% and is trading at $3.80. Other Projects React Several projects have responded to the situation unfolding at Multichain. Coinflux Network became the latest to respond, stating that it had suspended Multichain’s co-mint privileges as a precautionary measure. This would prevent Multichain from minting new tokens on the project’s blockchain. Furthermore, Coinflux also added that it would work with users to mitigate any losses that may arise. Crypto Investment firm HashKey Group also revealed that it had moved $250,000 from Multichain to Gate.io. Meanwhile, Tron founder Justin Sun also revealed that he had withdrawn 470,000 of the USDD stablecoin from the protocol. Cryptocurrency exchange Binance also swung into action, announcing that it was suspending deposits for 10 bridged tokens following days of transactions being stuck in limbo. This impacted several token pairs, including Polkastarter (POLS), Alpaca Finance (ALPACA), Travala.com (AVA), Spell (SPELL), Fantom (FTM), Alchemy (ACH), Beefy (BIFI), SuperVerse (SUPER), Harvest Finance (FARM) and DeXe (DEXE). Binance’s announcement will impact users of bridged tokens on Ethereum, Avalanche, BNB Smart Chain, and Fantom. Fantom Foundation also moved to limit its exposure, withdrawing $2.4 million in liquidity of the MULTI token on the SushiSwap DEX. Andre Cronje, Fantom Foundation Director, explained that Fantom had to act due to the uncertainty surrounding Multichain and was withdrawing the funds out of caution. Cronje added, “No point to LP at times of uncertainty. You can see in the wallet the funds haven’t been sold. As soon as Multichain is able to release a statement around this and clear it up, we will LP again.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.