Everything is dropping in the wake of FTX’s bankruptcy but Solana’s plunge has been extreme.
The crypto market is suffering deep losses following the dramatic collapse of the FTX exchange. Solana (SOL), a so-called Ethereum killer, having been languishing since the beginning of the year, finds itself in more trouble.
On Nov. 17, the Binance platform announced the halting of deposits of stablecoins USDC and USDT via the Solana blockchain “until further notice.”
Solana is Getting Hammered
Deposits of USDC and USDT tokens on other blockchains stay operative. In the latest update, the top exchange has reactivated deposits of USDT on Solana.
Other exchanges including OKX and ByBit also reported the suspension of these Solana-based stablecoins on the same day.
OKX said in the initial announcement that it would delist the tokens but the exchange shifted its statement, saying it paused deposits of the tokens.
The three major exchanges have…
