One of the main trading platforms on the market, Crypto.comsuspended the deposit and withdrawal operations of two major stablecoins, USDC and USDT, on the Solana blockchain.
In a notice to users on Wednesday, the platform said the suspension would go into effect immediately.
The note did not mention the exact reason behind this decision. However, Crypto.com said stablecoin withdrawals and deposits on other blockchains such as Ethereum and Cronos would resume normally.
In a tweet Thursday, Crypto.com CEO, Kris Marszaleksaid the recent developments around FTX and’Alameda researchwho are two of Solana’s biggest supporters, led to this decision.
“FTX has been an important bridge / path for SOL-based stablecoins, we don’t want to expose our users to additional risks, hence its deactivation,” he said. declared Marszalek, adding that other blockchains are functioning normally.
As noted, FTX, then the second largest cryptocurrency exchange on the market, was hit by “a significant liquidity crisis”. At first, Binance had signed a letter of intent to acquire the ailing cryptocurrency company, but withdrew from the deal saying FTX’s problems were beyond his capabilities.
The news further exacerbated the collapse of the cryptocurrency market. The market’s flagship activity, Bitcoin, plummeted to $ 15,682, a level not seen in two years. Ethereum also dropped to $ 1,083, down around 4% on the last day.
Kris Marszalek campaigns for transparency
After the unprecedented collapse of FTX, an exchange that many considered relatively healthy and that presented itself as the savior of the cryptocurrency industry during the latest collapse following the bankruptcy of Land And Centigrademany observers expressed concern about the strength of other centralized actors.
Faced with skepticism, Marszalek said cryptocurrency exchanges should publicly share the status of their reserves, a measure previously suggested by Binance. He has stated that Crypto.com will soon release a document demonstrating his verification of the reserves.
“C’est un moment critique pour l’ensemble du secteur. Transparence is plus important que jamais, et la sûreté et la sécurité des utilisateurs et des fonds restent la priorité. Cela necessite un engagement total et collectif”, at- he declared in a tweet posted late Wednesday.
However, some users have suggested that this would not be enough. Some people have pointed out that it is also important that cryptocurrency exchanges do not transact with users’ funds and that they are transparent about where the returns and earnings come from.
“We need to know if reserves are being used as an off-chain collateral. Will Crypto.com (CDC) be committed to full transparency? And where does the profit return come from? How does CDC hold funds from users who are not in (the program) Do you earn? ”, a declared a Twitter user in response to Marszalek’s statement.
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