Crypto.com Pauses USDC and USDT Withdrawals on Solana

Crypto.com told users via email that it had halted withdrawals and deposits for two popular stablecoins on Solana.

Unclear reason

Cryptocurrency exchange Crypto.com wrote to its customers today that all deposits and withdrawals for Tether’s USDT and Circle’s USDC have been suspended on the Solana network. This will take effect immediately, but the email did not explain why the exchange chose to suspend these transfers.

The two stablecoins, USDT and USDC, exist on almost every blockchain and the suspension only applies to users who want to move both assets on Solana.

“You can withdraw USDC and USDT at any time through other supported networks, including Cronos and Ethereum”is in the email to Crypto.com customers.

Screenshot of the email – Source: Crypto.com

Crypto.com is a Singapore-based crypto platform that allows users to buy and sell cryptocurrencies. The company also has a native blockchain called Cronos, on which more than 75 different crypto apps exist, according to DeFi Llama.

Crypto.com contributes to market chaos

The crypto platform’s announcement comes amid one of the most chaotic weeks in crypto history. The chaos just reached a head after Binance announced that the deal to acquire FTX has fallen through. This is because Binance believes that FTX is unsustainable.

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