Crypto.com suspends withdrawals, deposits on Solana chain

Crypto.com Withdrawal, Deposit News Updates: Citing recent industry events, crypto.com informed customers that they are suspending deposits and withdrawals of USDC and USDT on the Solana blockchain. The move comes after the market went through a crypto crash after Binance announced the potential acquisition of the FTX exchange. The development took effect when crypto.com informed about it in a statement. However, USDC and USDT withdrawals will be supported on other supported networks, it said.

Meanwhile, after crypto.com suspended withdrawals, the exchange said it waived withdrawal fees for depositing USDC and USDT on the Solana network for two weeks.

Crypto.com FTX Exposure “Intangible”

Previously, Kris Marszalek, CEO of crypto.com, called it a sad day for the crypto industry after Binance said it might buy FTX to help it cover its liquidity crunch. He said the exchange has very little exposure to the FTX meltdown. Direct exposure of crypto.com is less than $10 million, he said, saying that is very small compared to the revenue. Marszalek said crypto.com will push for increased transparency and regulation of the industry. Other major crypto exchanges Coinbase, OKX and stablecoin USDC issuer Circle said they have no significant exposure to FTX.

“Our direct exposure to FTX meltdown is immaterial: less than $10 million of our own capital deposited there for our clients’ trades. That’s very little compared to our global revenue exceeding $1 billion in two consecutive years.”

Crypto crash

Meanwhile, the crypto crash that began after the FTX acquisition announcement continues to have devastating effects on the market. In a recent update, Binance CEO CZ said that the crypto price drop and the FTX deal would have negative effects on the crypto market in the long run. He said the FTX collapse is not good for anyone in the crypto industry. Customers’ confidence in the crypto industry has been seriously shaken with the FTX meltdown, he added.

Anatoly Yakovenko, co-founder of Solana, said that Solana Labs had no assets on FTX and therefore has a lot of runway.

Runway is in $, ~30 months at current burn. Learned our lessons in 2018

— toly 🇺🇸 (@aeyakovenko) 9 November 2022

On the other hand, the Solana price (SOL) has been greatly affected by the FTX situation as Alamada Research invested in the blockchain project. Over the past few days, the Solana price has fallen almost 50%. At the time of writing, the Solana (SOL) price stands at $17.21, down around 37% in the last 24 hours, according to price tracking platform CoinMarketCap. Moreover, FTX Token (FTT) dropped drastically by 83.33% in the last few days. At the time of writing, the FTT price stands at $4.36, down a staggering 70.30% in the last 24 hours.

Anvesh reports on major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him at [email protected]

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.