Cryptocurrency NewsCoinbase to Suspend Trading of Multichain (MULTI) Amid Security Concerns

Coinbase to Suspend Trading of Multichain (MULTI) Amid Security Concerns

Coinbase, a leading cryptocurrency exchange based in the US, has announced that it will halt trading of the Multichain (MULTI) crypto asset starting September 6th. This decision was made following an advisory from Multichain, cautioning users to refrain from using its services.

Earlier in the year, Multichain revealed that its team had lost contact with its CEO, Zhao Jun, just as the platform was experiencing technical issues. “We’ve done everything we can to keep the protocol operational, but without being able to reach CEO Zhao Jun for the server access needed for maintenance, we’re at an impasse,” the team stated.

In a related incident, cybersecurity firm PeckShield reported last month that hackers had stolen $126 million in assets from Multichain’s Fantom (FTM) bridge. This security breach led the developers to temporarily shut down the project, warning that “all bridge transactions will remain stuck on the originating chains, with no definite time for service resumption. Please do not use Multichain’s bridging service at this time.”

In line with its regular reviews to maintain listing standards, Coinbase also announced the suspension of five other crypto assets: BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX).


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