Cryptocurrency exchange Crypto.com is on the Solana network, in an email to customers today. USDT and USDC All deposit and withdrawal transactions are suspended.
The pause took effect immediately, but the email did not explain why the exchange chose to suspend these transfers.
Crypto.com Stops USDT and USDC Withdrawals and Deposits on Solana Network
The two stablecoins, USDT and USDC, are available on nearly every blockchain, and the suspension only applies to users who want to move both assets on Solana.
In email sent to Crypto.com customers “Cronos and Ethereum You can withdraw USDC and USDT at any time using other supported networks, including .
Crypto.com is a Singapore-based crypto platform that allows users to buy and sell cryptocurrencies. According to DeFi Llama, the firm also owns a native blockchain called Cronos with more than 75 different crypto applications.
The company has yet to respond to a request for comment.
Crypto.com CEO Kris Marszalek argued that it was not important for their company to have direct exposure to the FTX crash, saying that the amount was just $10 million invested to enable customers to trade.
Aside from FTX’s woes, Sam Bankman-Fried also has deep ties to the SOL ecosystem.
Alameda Research, the algorithmic trading firm founded by Bankman-Fried, participated in a $314 million fundraising effort for Solana’s development team, Solana Labs.
The two companies were also supporters of the decentralized platform called Serum, built on the SOL network.
*Not investment advice.
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