Crypto.com suspends USDC and USDT withdrawals in Solana
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Cryptocurrency exchange Crypto.com has written to customers regarding the email seen today by Decrypt .
The suspension is immediate, but the email does not explain why the exchange decided to suspend the transfers.
The two stablecoins, USDT and USDC, are present on almost all blockchains, and the suspension only affects users who want to transfer the asset to Solana. "You can withdraw USDC and USDT at any time using other supported networks, including Cronos and Ethereum," Crypto.com said in an email to customers.
Crypto.com is a Singapore-based crypto platform that allows users to buy and sell cryptocurrencies. According to DeFi Llama, the company also has its own blockchain called Cronos, which hosts more than 75 different crypto applications.
The company has not yet responded to Decrypt's request for comment.
The announcement of the crypto platform comes during one of the most chaotic weeks in cryptocurrency history, with FTX's Sam Bankman-Fried agreeing to sell his exchange to rival Binance's Changpeng "CZ" Zhao.
On Sunday, CZ announced that the company will begin selling its stake in FTT Tokens, the original FTX exchange token that it acquired from FTX as part of its divestment.
The proposed sale not only drove down the price of FTT, but also apparently spooked FTX customers, who started withdrawing funds from the exchange. As withdrawals mounted, Bankman-Fried announced a potential buyout due to a "liquidity crunch," suggesting the firm lacked a 1:1 inventory of customer assets.
After this news, crypto companies quickly left the cryptocurrency exchange.
Among them, Crypto.com CEO Chris Marzal stated that “the direct impact of the FTX collapse on the company is negligible, as less than $10 million of our capital is held for customer transactions.
issues with FTX, Sam Bankman-Fried has deep ties to the Solana ecosystem.
Alameda Research, the algorithmic trading firm founded by Bankman-Fried, participated in a $314 million fundraising for Solana Labs, the team behind Solana. FTX and Alameda also launched Serum, a popular decentralized exchange built on a fast Layer 1 blockchain.
So along with the FTT, the SOL price has also declined as investors continue to move. The token has fallen 48% in the last 24 hours and is now trading below $15.
In the face of extreme volatility and massive backlogs in the past, Solana refused and repeatedly announced that the network was closed. For example, Solend, Solana's lending and borrowing platform, was unable to pay due to this delay.
At the top of the platform's website it says: "Solana is currently loaded with Oracle's constant updates, users may experience rollback issues. All creditors have become disabled."
This type of congestion may increase again in the coming hours. Solana validators, the entities that verify the validity of Solana transactions and are rewarded for doing so in SOL, are expected to unlock approximately $1 million in SOL tokens. If these tokens are traded on the open market, this could put additional pressure on the price of SOL, as well as additional pressure on the Solana blockchain.
Liability:
The opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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