The Solana Network Affected By FTX Collapse, Causes Of The Crypto Exchange Crowdly Resilient Stablecoin Deposit On The SOL Network

USDT and USDC stablecoins on the Solana network were suspended. (Photo; Doc. Cryptoari)

JAKARTA Two leading crypto exchanges, Binance and OKX, have reportedly suspended deposits of two stablecoins on the Solana network, namely USDC and USDT. Previously, the deposit and withdrawal of the two cryptocurrencies had been suspended by Crypto.com, as a result of the Solana network affected by the FTX collapse.

The value of the USDC and USDT stablecoins is tied to the value of the US dollar. In addition, both of them have also been integrated into various blockchain networks including Ethereum and Solana.

This condition dragged the decline in the price of crypto SOL by 3.48 percent in the last 24 hours. At the time this article was written, Solana's price (SOL) was at 13.70 US dollars, down 3.03 percent in the last 24 hours, according to CoinMarketCap data. In addition, Solana was also affected by the destruction of the FTX crypto exchange last week.

Binance suspended the USDC and USDT depsies on the Solana network for the time being, according to Binance's announcement. There are currently three leading crypto exchanges suspending the cryptocurrencies made by Circle and Tether, namely Crypto.com, OKX, Bybit, and Binance.

The USDC (SOL) and USDT (SOL) deposits have been temporarily suspended until further notice, "wrote the announcement.

On the other hand, Binance CEO Changpeng Zhao on Thursday revealed some interesting insights from the discussion of the FTX takeover deal. He said that misappropriation of user funds on the exchange was quite clear from FTX data. He also said it was quite clear Sam Bankman-Fried used the FTX trading fund for Alameda Research.

"He may have done this for a long time until recently and people know," Zhao said.

Solana (SOL) has been heavily affected by FTX bankruptcy over the past two weeks because it has an exchange relationship with blockchain networks. SOL experienced high selling pressure after reportedly connected to FTX's collapse. The main reason is speculation about Alameda who is considering selling his crypto SOL.