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    Crypto.com withdrawals freeze: UDSC, USDT moves via Solana suspended

    By Alara Jordan

    Edited by Charlie Mellor

    16:26, 10 November 2022

    A smartphone displays the Crypto.com name and logo
    The company said the decision was made in reference to “recent industry events” – Photo: Shutterstock

    Crypto.com has suspended the withdrawals of its two popular stablecoins, USDC and USDT, on the Solana (SOL) blockchain of its exchange. 

    In an email sent to its users, Crypto.com said that customers can still withdraw USDC and USDT “at any time using other supported networks, including Cronos and Ethereum”.

    The withdrawal took place immediately as a response to “recent industry events”. 

    SOL to USD

    The company’s CEO and founder Kris Marszalek tweeted to confirm the decision, stating that it would not impact the other stablecoin deposits on the exchange.

    “FTX was an important bridge/venue for SOL-based stablecoins, we do not want any additional risk to our users coming from this area, hence disabling it,” Marszalek said.

    BTC/USD

    104,911.35 Price
    -1.410% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    XRP/USD

    2.57 Price
    -1.150% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01283

    ETH/USD

    3,883.34 Price
    -1.330% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    PEPE/USD

    0.00 Price
    -4.440% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.00000011

    Proof of reserves

    The suspension comes at the same time as when Marszalek confirmed that the decision to share company proof of reserves should be “necessary” for crypto platforms.

    The idea of transparency and sharing a company’s state of reserves was initially pledged by Binance CEO Changpeng ‘CZ’ Zhao in a bid to build consumer trust and disclose company liquidity amid the ongoing fiasco around the fallout of the FTX cryptocurrency exchange. 

    Marszalek said: “Crypto.com will be publishing our audited proof of reserves.

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    “This is a critical moment for the entire industry. Transparency is more important than ever, and safety and security of users and funds remains the priority. It requires full and collective commitment.”

    Solana price

    Solana’s price has dropped 59% from a high of $31.06 on 8 November to a low of $12.51 just 24 hours later.

    At the time of writing, SOL was trading at $18.60, up 6.29% in the last 24 hours. 

    Related topics

    #Cryptocurrency

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    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
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