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Crypto.com stops USDC and USDT

 withdrawals and deposits on Solana

New episode of bedlam after the storm caused standard the collapse of FTX and its consequences for Solana. The Crypto.com exchange announces the freezing of deposits and withdrawals of USDC and USDT stablecoins on Solana.

The fall of FTX takes the Solana ecosystem and native child token SOL with it. The price plummets, triggering a very strong point of exchanging activity on the network. Crypto.com, a terrific trade based in Singapore, was forced to make a radical decision.

On November 9, in an email to its users, it announced that withdrawals and deposits of the two main stablecoins (USDC and USDT) for the Solana network are now suspended. The effect is immediate.

Panic on Solana and SOL price in free fall

Crypto.com specifies that operations on both tokens remain possible on other supported blockchain networks standard application and exchange Crypto.com. This includes Ethereum and Cronos.

The crypto exchange justifies, without adding details, this standard decision of events affecting the industry. However, it is an effort to make the connection with the liquidity crisis currently affecting the market and the plunge in SOL.

By finally giving up on acquiring FTX, Binance should not help to appease the strains on the prices, including that of the Solana token. SBF, the founder of the risk exchange, is a long-time supporter of the network.

Alameda Exploration, founded by standard Bankman-Broiled, invested in Solana Labs' $300 million funding round. FTX and Alameda are also behind the creation of Solana's DEX Serum.

Crypto.com promises transparency on its reserves

A racy of infection to promote the Solana ecosystem is therefore real. Crypto.com is not directly confessional to FTX. This is what child CEO announced in the week, like the main crypto players.

The company's direct exposure to the FTX collapse is negligible: less than $10 million of our own capital deposited there for the execution of client exchanges," Marszalek said.

The shock reversal of FTX, however, forces market participants to show in addition to transparency. In particular, the exchange and child manager have exaggerated the financial strength of the platform.

We share the belief that it should be necessary for cryptocurrency platforms to publicly share proof of reserves and at Crypto.com we will publish our audited evidence of reserves," Child Chief promises.

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