The suspension of the withdrawal or deposit of USDT Tether as well as USDC Circle on the Solana (SOL) network was implemented by the crypto exchange company, Crypto.com in its email without explaining why the company did so.
In context, the following two stablecoins work for users in the activity of transferring any SOL digital assets or other networks such as Cronos and Ethereum (ETH).
Crypto.com is a Singapore-based company that allows users to buy or sell crypto, even the company created its own token, Cronos.
It is understood that the statement was made during a heated issue between the Chief Executive Officer (CEO) of FTX, Sam Bankman-Fried and Binance CEO Changpeng Zhao (CZ) when he acted to sell FTT tokens belonging to FTX while FTX intended to sell its company to Binance.
The streak, the price of FTT went up a little but the opposite happened for FTX users who have taken steps to quickly withdraw all their funds from the company due to anxiety if the event is the same as the fall of LUNA.
According to Kris Marszalek, the Chief Executive Officer (CEO) of Crypto.com stated that the problem that befell FTX is not an obstacle for his company to develop, in fact they have $10 million in the company for the execution of customer trades.
He added that Sam Bankman-Fried, the founder of Alameda Research, is said to have supported the SOL ecosystem by fundraising $314 million for Solana Labs, but the price dropped as investors quickly sold the digital asset.
This follows because Solend, the SOL lending platform is unable to perform liquidations due to its network always experiencing problems such as operations stopping suddenly and users finding it difficult to do production activities if their oracle updates are always interrupted.
In the meantime, SOL validators who validate Solana transactions and get rewards from them are expected to unlock an estimated $1 billion worth of SOL tokens.
And if the token is sold on the open market, then the price is expected to decrease further.
