{"id":69866,"date":"2022-11-10T13:29:21","date_gmt":"2022-11-10T11:29:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69866"},"modified":"2025-09-07T22:33:40","modified_gmt":"2025-09-07T19:33:40","slug":"crypto-com-suspends-usdc-and-usdt-withdrawals-on-solana-amid-ftx-crisis","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-com-suspends-usdc-and-usdt-withdrawals-on-solana-amid-ftx-crisis\/","title":{"rendered":"Crypto.com Suspends USDC and USDT Withdrawals on Solana Amid FTX Crisis"},"content":{"rendered":"<p>The cryptocurrency platform Crypto.com suspended deposits and withdrawals in stablecoins USDC and USDT on the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a> blockchain. The company cited \\&#8221;recent events in the industry\\&#8221;.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Anyone else just got this? <a href=\\\"https:\/\/t.co\/LmX5LtXV4x\\\">pic.twitter.com\/LmX5LtXV4x<\/a><\/p>\n<p>\u2014 Lars (@lars0x) <a href=\\\"https:\/\/twitter.com\/lars0x\/status\/1590356304379670528?ref_src=twsrc%5Etfw\\\">November 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>A corresponding letter to clients from Crypto.com was published by The Block analyst Lars Hoffmann. Users in the comments confirmed receiving similar messages.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThe decision takes effect immediately. However, you can withdraw USDC and USDT at any time by using other supported networks, including Cronos and Ethereum,\u201d the letter states.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">USDT\/USDC on other chains operate normally of course. <\/p>\n<p>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.<\/p>\n<p>\u2014 Kris | Crypto.com (@kris) <a href=\\\"https:\/\/twitter.com\/kris\/status\/1590435024104730624?ref_src=twsrc%5Etfw\\\">November 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The operator <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a>, Circle, added <a href=\"https:\/\/forklog.com\/en\/news\/usdc-stablecoin-launched-on-the-solana-blockchain\">support for the coin on the Solana network<\/a> in October 2020.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">PSA: USDC on Solana is operating flawlessly, no issues with issuance and redemption, and is completely unaffected by what\u2019s happening on FTX.<\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a href=\\\"https:\/\/twitter.com\/jerallaire\/status\/1590611342356287489?ref_src=twsrc%5Etfw\\\">November 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThere are no problems with issuance and redemption; it is not affected at all by what\u2019s happening with FTX,\u201d he added.<\/p>\n<\/blockquote>\n<p>Against the backdrop of <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-below-16000-as-ethereum-breaches-1100\">a broad market decline<\/a>, driven by <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-and-wsj-report-an-8-billion-hole-in-ftx-balance-sheet\">the liquidity crisis at FTX<\/a>, the price of the native Solana token fell 54% over the past week (<a href=\\\"https:\/\/www.coingecko.com\/\\\">CoinGecko<\/a>). SOL quotes have fallen more than any other top-20 by market capitalization.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh3.googleusercontent.com\/l5LRBPTL5NOBjKF-MnCgfSFCdmT9snK9m9Xh39pXSaAwZ2VXes-qSAcMNdEDVgmxf-0JiAzBBNDKA1DLNMk-nHnXRsCGymMmM1bhjQ8KwMr8hXS8S3EVJpnB3wypDGPdfbNr3BFA6dIlsj55xj9y2eRxOJr5MoJJvfTwCr4whHWzVsrn4diW-ZdyelwQrQ\\\" alt=\\\"Crypto.com \u043f\u0440\u0438\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u0438\u043b\u0430 \u0432\u044b\u0432\u043e\u0434 USDC \u0438 USDT \u043d\u0430 Solana \u0438\u0437-\u0437\u0430 \u043a\u0440\u0438\u0437\u0438\u0441\u0430 FTX\\\"\/><figcaption>Data: CoinGecko.<\/figcaption><\/figure>\n<p>In Jeremy Allaire&#8217;s view, FTX&#8217;s insolvency is comparable to the collapse of the Lehman Brothers investment bank, which catalysed the 2008 crisis.<\/p>\n<p>Read ForkLog\u2019s bitcoin news in our Telegram \u2014 crypto news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency platform Crypto.com suspended deposits and withdrawals in stablecoins USDC and USDT on the Solana blockchain. The company cited &#8220;recent events in the industry&#8221;.<\/p>\n","protected":false},"author":1,"featured_media":69867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1452,1236,1159,1245,910],"class_list":["post-69866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-com","tag-ftx","tag-solana-sol","tag-tether-usdt","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69866"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69866\/revisions"}],"predecessor-version":[{"id":69868,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69866\/revisions\/69868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69867"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}