Citing recent industry events, crypto.com Customers reported that he did USDC deposits and withdrawals suspended (CRYPTO: USDC) and USDT (CRYPTO: USDT) on the Solana (CRYPTO: SOL) blockchain. The move comes after the market suffered a crash in the cryptocurrency following the announcement binance (CRYPTO: BNB) to potentially acquire FTX Exchange.
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The development came into effect when crypto.com was notified of it in a release. However, USDC and USDT withdrawals will be supported on other networks.
Meanwhile, the exchange said it will waive redemption fees for USDC and USDT deposits on the Solana network for a period of two weeks.
Crypto.com exposes the “intangible” FTX
previously, Chris MarsalekThe CEO of crypto.com called it a sad day for the cryptocurrency industry after Binance said it might acquire FTX to help it hedge its liquidity crunch. On the other hand, Marszalek reports that the exchange has very little exposure to the FTX crash. He said Crypto.com’s direct exposure is less than $10 million, considering it very small compared to its revenue. Marsalek said crypto.com will push for more transparency and regulation of the industry.
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Other major cryptocurrency exchanges including Coinbase, OKX, and USDC stablecoin issuer Circle have said they have no physical exposure to FTX.
Our direct exposure to the FTX crash is negligible: less than $10 million in our capital was deposited there to execute client trades. This is very small compared to our global revenues of more than $1 billion for two years in a row.
Cryptocurrency crash
Meanwhile, the cryptocurrency crash that began after the announcement of the FTX acquisition continues to have devastating effects on the market. In the latest update, Binance CEO CZ said that the cryptocurrency price drop and the FTX transaction will have negative effects on the cryptocurrency market in the long term. He said that the collapse of FTX does not benefit anyone in the cryptocurrency industry. He added that customer confidence in the industry was badly shaken by the collapse of FTX.
Anatoly Yakovenkoone of the founders SolanaHe mentioned that Solana Labs has no resources on FTX and so will have plenty of leeway.
Solana Labs, a US company, didn’t have the resources at https://t.co/nL7jEmgrVT, so we still have a lot of runway and luckily it’s still a small team. – toly (aeyakovenko) November 9, 2022
On the other hand, Solana (SOL) price was hit hard by the FTX situation as Alamada Research invested in the blockchain project.
price movements
In recent days, the price of Solana by more than 50%. At press time, Solana (SOL) price is at $14.02, down about 17.63% in the past 24 hours, according to price-tracking platform CoinMarketCap.
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