https://www.coindesk.com/business/2022/11/09/cryptocom-halts-solana-usdc-and-usdt-deposits-withdrawals/

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PlayIconNav
Crypto Prices CoinDesk Market Index
Business

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
AccessTimeIconNov 9, 2022 at 7:46 p.m. UTC
Updated Nov 9, 2022 at 9:39 p.m. UTC
    
CDCROP: Circle CEO Jeremy Allaire is part of the consortium behind
USDC (Danny Nelson/CoinDesk)

Circle CEO Jeremy Allaire is part of the consortium behind USDC
(Danny Nelson/CoinDesk)

    
 
CoinDesk - Unknown

Sam Kessler

Sam is a reporter at CoinDesk focused on decentralized technology,
DeFi and DAOs. He owns ETH, BTC and MATIC.

 

Follow @skesslr on Twitter

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."

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.

---------------------------------------------------------------------
Read more about
SolanaUSDCStablecoins
---------------------------------------------------------------------
 
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13.97%
 
Logo of ETHETH$1,116.41
15.47%
 
Logo of BNBBNB$268.89
15.53%
 
Logo of XRPXRP$0.33127098
17.36%
 
Logo of BUSDBUSD$1.00
0.01%
---------------------------------------------------------------------
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not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets
and the future of money, CoinDesk is a media outlet that strives for
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editorial policies. CoinDesk is an independent operating subsidiary
of Digital Currency Group, which invests in cryptocurrencies and
blockchain startups. As part of their compensation, certain CoinDesk
employees, including editorial employees, may receive exposure to DCG
equity in the form of stock appreciation rights, which vest over a
multi-year period. CoinDesk journalists are not allowed to purchase
stock outright in DCG.

 
CoinDesk - Unknown

Sam Kessler

Sam is a reporter at CoinDesk focused on decentralized technology,
DeFi and DAOs. He owns ETH, BTC and MATIC.

 

Follow @skesslr on Twitter

 
CoinDesk - Unknown

Sam Kessler

Sam is a reporter at CoinDesk focused on decentralized technology,
DeFi and DAOs. He owns ETH, BTC and MATIC.

 

Follow @skesslr on Twitter

---------------------------------------------------------------------
 
Logo of BTCBTC$15,911.95
13.97%
 
Logo of ETHETH$1,116.41
15.47%
 
Logo of BNBBNB$268.89
15.53%
 
Logo of XRPXRP$0.33127098
17.36%
 
Logo of BUSDBUSD$1.00
0.01%
---------------------------------------------------------------------
View All Prices
Trending
1
catastrophe
Business
 
A Failed FTX-Binance Deal Is 'Catastrophic' for Crypto Sector
Nov 9, 2022
2
CDCROP: AI generated markets charts graphics red (DALL-E/CoinDesk)
Markets
 
Market Wrap: Bitcoin, Other Cryptos Continue to Plummet
Nov 9, 2022
3
CDCROP: FTX CEO Sam-Bankman-Fried (Danny Nelson/CoinDesk)
Business
 
SBF Warns FTX Investors of Bankruptcy Without More Cash: Bloomberg
Nov 9, 2022
4
CDCROP: Photo of FTX website (Rob Mitchell/CoinDesk)
Business
 
FTX Website Experiences Temporary Outage, Warns Users Not to Make
Deposits
Nov 9, 2022
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The leader in news and information on cryptocurrency, digital assets
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of Digital Currency Group, which invests in cryptocurrencies and
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