After the collapse of FTX, Crypto.com CEO Chris Marsalek becomes the latest proponent of a policy that requires cryptocurrency companies to publish “Reserves Verified Proof”.
We believe it is essential for crypto platforms to publicly share proof of reserves.Marsalek said, adding that his ppl “Verified evidence will be published as soon as possible.”
We believe cryptocurrency platforms should publicly share Proof of Reserves and https://t.co/pFc4Pz9nFR will publish our proof.
– Chris | Crypto.com (kris) November 10, 2022
We share the belief that it is essential for crypto platforms to share Proof of Reserves publicly and https://t.co/pFc4Pz9nFR will publish our audited Proof of Reserves.
– Chris | Crypto.com (kris) November 10, 2022
The idea that cryptocurrency firms should publish evidence of reserves has gained traction in the wake of FTX’s liquidity crisis. Even the CEO of Binance, Changpeng “Czechoslovakia” Zhao pledged, on November 8, to launch a Proof of Reserves review system to provide the public with information about the state of their funds.
The Crypto.com CEO’s statement comes just hours after the temporary suspension of USDC and USDT deposits and withdrawals on the Solana Network. by exchange.
In a November 9 email addressed to users, and circulated on Twitter, Crypto.com could have sent “Immediate suspension of USDSC and USDT deposits and withdrawals at Solana”.
In the email, the exchange assured users that they can continue to withdraw USDC and USDT at any time using other networks, such as Kronos and Ethereumindicating that other networks were not affected by Recent Industry Events.
When https://t.co/5NeQKxhWmO suspends all online deposits and withdrawals # Solana Something is clearly wrong… # cryptocrash # sol pic.twitter.com/GFAcOVTzNR
BlackTieReport November 9, 2022
When https://t.co/5NeQKxhWmO suspends all online deposits and withdrawals # Solana Something is clearly not right… # cryptocrash # sol pic.twitter.com/GFAcOVTzNR
BlackTieReport November 9, 2022
Cointelegraph reached out to Crypto.com, who confirmed the news circulating on social media about the suspension of USDC and USDT deposits and withdrawals on the Solana network.
Exchange added it Any deposit not received for these two Solana tokens will be refunded without fee for the next two weeks.. However, he refused to give more details on the matter.
In the last 96 hours, the cryptocurrency markets have plunged due to the collapse of the FTX exchange.
On November 6, CZ announced plans to liquidate its entire position in the FTX Token (FTT), the parent token of the rival FTX exchange, which led to a bank run and the collapse of the FTT price.
A surprising development occurred on November 8, when the CEO of Binance announced that his company had done just that “He signed a non-binding letter of intent, with the goal of acquiring FTX.com outright and helping to fill the cash shortfall.”
The CEO added that nothing is finalas they were Real-time situation assessment And they had the opportunity “Withdraw from the Agreement at any time.”
Less than 48 hours later, the CEO of Binance announced that he had pulled out of the deal altogether.
These recent events have had a significant impact on the markets, particularly those with ties to FTX and related companies.
On November 9, Cointelegraph reported that Solana (SOL) was on track to post its worst daily performance ever, with the price of SOL dropping more than 40% due to its connection to hedge fund founder Sam Bankman-Fried Alameda Research and cryptocurrency exchange FTX.
in the midst of events, Anatoly Yakovenkoco-founder of Solana Labs, He shared a tweet showing how Solana was unaffected by the current events. Indeed, he said: “Solana Labs, which is a US company, did not have any assets on ftx.com, so we still have a lot of space and fortunately we still have a small team.”
Solana Labs, a US company, didn’t have any assets at https://t.co/nL7jEmgrVT so we still have a lot of space left and fortunately it’s still a small team.
– toly (aeyakovenko) November 9, 2022
Solana Labs, a US company, had no assets at https://t.co/nL7jEmgrVT, so we still have a lot of runway, and luckily we still have a small team.
– toly (aeyakovenko) November 9, 2022
At press time, Solana is trading around $14.97, down 30.29% over the past 24 hours.