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Crypto.com Halts Solana USDC and USDT Deposits, Withdrawals
The crypto trading platform cited “recent industry events” in an email to users announcing the suspension.
By Sam Kessler
Updated May 9, 2023, 4:02 a.m. Published Nov 9, 2022, 7:46 p.m.
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Cryptocurrency exchange platform Crypto.com has halted the flow of two top Solana ecosystem stablecoins, as the implosion of Sam Bankman-Fried’s FTX empire continues to wreak havoc across the wider crypto ecosystem.
Citing “recent industry events” in an email to users Wednesday, Crypto.com said “effective immediately” the platform would be “suspending deposits and withdrawals of USDC and USDT on the Solana Blockchain in the Crypto.com App and Exchange.”
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Read More: Solana Blockchain Hit by FTX Tremors as Nearly $800M SOL Tokens Set to Be Unstaked
The email continued to say that stablecoin deposits in other ecosystems, including Ethereum and Cronos, would not be impacted.
Crypto.com CEO Kris Marszalek, in a tweet responding to this article, explained that "FTX was an important bridge/venue for SOL-based stablecoins, we do not want any additional risk to our users coming from this area, hence disabling it."
Solana is a smart contract platform that is positioned as a competitor to Ethereum offering high speeds and low fees. It hosts a range of decentralized finance apps, but a large portion of its total supply is controlled by SBF’s Alameda Research trading firm, and FTX – the exchange firm that imploded this week.
Read More: Staked SOL Tokens Falter as Solana Traders, Stakers Rush for Exits
Solana’s native SOL token suffered as a result of FTX’s collapse, dropping over 40% on Wednesday at a price of $14.37. This is 92% below its price from a year ago.
Stablecoins like USDC and USDT, which stay “pegged” to the price of $1, are vital instruments in the volatile world of decentralized finance. It’s unclear why, exactly, Crypto.com was forced to suspend activity.
UPDATE (Nov. 9, 21:37 UTC): Adds a statement from Crypto.com CEO Kris Marszalek.
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