suspension of stablecoin withdrawals on the Solana blockchain

One of the leading exchange platforms in the market, Crypto.comsuspended deposit and withdrawal operations of two major stablecoins, USDC and USDT, on the Solana blockchain.

In a notice to users on Wednesday, the platform reportedly said the suspension was effective immediately.

The note does not mention the exact reason for this decision. However, Crypto.com said that stablecoin withdrawals and deposits on other blockchains such as Ethereum and Cronos will resume as normal.

In a tweet on Thursday, Crypto.com CEO, Chris Marszaleksaid that the latest developments about FTX and D’Alameda Researchwho are two of Solana’s biggest supporters, led to this decision.

“FTX was an important bridge/pathway to SOL-based stablecoins, we don’t want to expose our users to additional risk, hence disabling it,” said stated Marszalek, adding that other blocks are working normally.

like pointed out, FTX, which was then the second largest crypto exchange in the market, was hit by “a significant lack of liquidity”. Initially, Binance had signed a letter of intent to buy the struggling crypto firm but pulled out of the deal affirming that FTX’s problems were beyond its capabilities.

The news further exacerbated the crash in the crypto market. The market’s top asset, Bitcoin, fell to $15,682, a level not seen in two years. Ethereum also fell to $1,083, down about 4% on the previous day.

Kris Marszalek campaigns for transparency

Following the unprecedented collapse of FTX, an exchange that many considered to be relatively healthy and which was presented as the savior of the crypto sector during the recent crash following the bankruptcy of Earth AND centigrademany observers have expressed concern about the power of other centralized players.

Facing skepticism, Marszalek said crypto exchanges should publicly share the state of their reserves, a move previously suggested by Binance. He claimed that Crypto.com will soon publish a document proving the audit of its reserves.

“This is a critical time for the entire industry. Transparency is more important than ever, and the safety and security of users and funds remain a priority. This requires full and collective commitment,” he said. stated in a tweet late Wednesday.

However, some users suggested that this would not be enough. Several people pointed out that it is also important that crypto exchanges do not transact with user funds and that they are transparent about where returns and profits come from.

“We need to know if reserves are used as collateral off-chain. Will Crypto.com (CDC) commit to full transparency? And where do the revenue returns come from? How does CDC keep funds from users who are not in (the program) Win?”, a stated a Twitter user in response to Marszalek’s statement.

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