Withdrawals of USDT and USDC on Solana Halted by Crypto.com

Withdrawals of USDT and USDC on Solana Halted by Crypto.com
  • During the last day, Solana’s price dropped by about half, to around $15.
  • Customers can withdraw USDC and USDT using other networks though.

Customers of the cryptocurrency exchange Crypto.com were informed today via an email that all deposits and withdrawals for the USDT and USDC tokens from Circle and Tether have been halted on the Solana network.

Though the email said that the freeze would take place immediately, it did not specify why the exchange had decided to halt the payments. Users attempting to transfer either USDT or USDC on Solana are the only ones affected by the temporary halt in trading. Both stablecoins are available on almost every blockchain. Customers of Crypto.com were informed via email that “you may withdraw USDC and USDT at any time using other supported networks, including Cronos and Ethereum.”

FTT and Solana Price Fumble

Crypto.com, headquartered in Singapore, is a cryptocurrency exchange. According to DeFi Llama, the company has its own blockchain called Cronos, which hosts more than seventy-five distinct cryptocurrency applications.

The introduction of the cryptocurrency platform comes after one of the most turbulent weeks in the industry’s history, which peaked when FTX’s Sam Bankman-Fried struck a preliminary agreement to sell the exchange to Binance’s Changpeng “CZ” Zhao.

For its part, CZ said on Sunday that it will begin selling the FTT tokens it had acquired as part of its equity departure from FTX. FTT is the native exchange token for FTX.

Because of the impending sale, the price of FTT plummeted, and FTX customers supposedly became scared and started withdrawing money. As a result, the value of SOL has plummeted with FTT as investors exit. During the last day, the token’s value dropped by about half, to around $15.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.