Coinbase Suspends Trading for Multichain’s Crypto Asset and Five Others

One sentence summary – Coinbase, a leading cryptocurrency exchange, has suspended trading for Multichain’s crypto asset (MULTI) following the theft of $126 million in assets from Multichain’s Fantom bridge, leading to the suspension of the Multichain project itself, as well as the suspension of support for five other assets on Coinbase’s platform.

At a glance

  • Coinbase has suspended trading for Multichain’s crypto asset (MULTI) as of September 6th.
  • The suspension follows the theft of $126 million in assets from Multichain’s Fantom (FTM) bridge.
  • Multichain has advised its users to stop using its services due to ongoing technical issues and the inability to locate the project’s CEO.
  • Coinbase has also suspended support for five other assets: BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX).
  • This incident raises concerns about the security and trustworthiness of decentralized finance projects.

The details




News Article

Coinbase, a leading cryptocurrency exchange, has suspended trading for Multichain’s crypto asset (MULTI) as of September 6th.

This decision follows a series of events, including the theft of $126 million in assets from Multichain’s Fantom (FTM) bridge.

Events Leading to Suspension

In response to these developments, Multichain has advised its users to stop using its services.

The project’s team has expressed concerns due to their inability to locate the project’s CEO, Zhao Jun, amidst ongoing technical issues.

The theft of $126 million in assets from Multichain’s Fantom bridge was reported by PeckShield, a blockchain security firm.

This incident has led to severe consequences, including the suspension of the Multichain project itself.

Additional Suspensions

Coinbase regularly reviews the cryptocurrencies traded on its platform to ensure they meet listing standards.

As part of this review process, Coinbase has also decided to suspend support for five other assets alongside Multichain (MULTI).

These assets are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX).

As a result of these suspensions, trading will be halted on all Coinbase platforms.

These platforms include Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.

Coinbase is taking these actions to maintain the integrity and security of its platform.

Users are advised to stay informed about the latest developments and follow Coinbase’s official announcements for further updates.

Implications for Decentralized Finance

This incident has raised questions about the security and trustworthiness of decentralized finance projects.

It highlights the need for robust security measures within the crypto ecosystem.


Article X-ray

A closed padlock symbolizing suspended trading, surrounded by five different shapes representing various cryptocurrencies.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

dailyhodl.com
– Coinbase will suspend trading for the crypto asset of Multichain (MULTI) starting September 6th.
– Multichain advised its users to stop using its services.
– Multichain’s team couldn’t find the project’s CEO, Zhao Jun, amid technical issues.
– PeckShield reported that bad actors stole $126 million worth of assets from Multichain’s Fantom (FTM) bridge.
The incident led to the suspension of the Multichain project.
– Coinbase regularly reviews cryptocurrencies traded on its platform to ensure they meet listing standards.
– Coinbase is also suspending support for five other assets: BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), and Voyager (VGX).
– Trading will be suspended on Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.

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