Coinbase, the leading US-based cryptocurrency exchange, has issued a trading halt for the crypto asset connected with the bridge platform Multichain (MULTI), with the decision slated to take effect on September 6th. The move comes in response to a warning from Multichain itself, which urged its users not to use its services.
Multichain has been dealing with several issues, including the mysterious disappearance of its CEO, Zhao Jun. Earlier this year, the platform’s team warned that Zhao Jun was missing amid persistent technical difficulties. “The team has gone to great lengths to keep the protocol operational, but our attempts to reach CEO Zhaojun and secure essential server access for maintenance have hit a brick wall,” the business bemoaned.
PeckShield, a cybersecurity organization, has uncovered a shocking incident in which malicious actors successfully siphoned off a stunning $126 million in assets through Multichain’s Fantom (FTM) bridge. The developers halted the project because of this high-profile security issue, leaving all bridge transactions stuck on the source chains. In a sad statement, the business admitted, “The Multichain service is currently offline, and the resumption of services remains uncertain.” We highly advise against using the Multichain bridging service at this time.”
Coinbase, a cryptocurrency exchange pioneer, has a reputation for rigorously scrutinizing the digital assets it offers. The exchange just completed an evaluation of its listed cryptocurrencies to ensure that they match the exchange’s strict listing guidelines. As a result, not only Multichain (MULTI) but also five other assets, including BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX), are facing support suspension across multiple Coinbase platforms, including Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Security concerns remain a critical issue in the ever-changing cryptocurrency world. The Multichain story is a sharp reminder that even well-established platforms can be vulnerable. As Coinbase takes aggressive steps to protect its users and maintain its integrity, the cryptocurrency world waits with bated breath, hoping that security breaches will be confronted with firm action and that the sector will emerge more robust, secure, and resilient.