Tether Says Crypto Exchanges Disabling USDC, USDT Transactions Over 'Heavy Connections With FTX, Alameda, Solana'

Multiple exchanges disabled deposits and withdrawals for Solana-based Tether  (CRYPTO: USDT) and USD Coin (CRYPTO: USDC) on Thursday. What Happened: Tether, in a blog post, said, “the move to suspend USDT deposits on these exchanges is likely just due to the heavy connections between FTX (CRYPTO: FTT), Alameda, and Solana (CRYPTO: SOL).

Timeline of Solana, Usd-coin, Tether

Besides the Ethereum network, users can now deposit and withdraw USD Coin on Solana and Tron, according to a Twitter post by Bill King, Growth Marketing Lead. The support for these two networks is already live.

Binance and other top crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The companies released an official statement claiming that the measure will be temporary, but it could have harmful implications for the SOL ecosystem.

There is a sharp drop in Solana (SOL) price as exchanges suspend deposits of stablecoins on the Solana network. The post SOL Price Freefalls as Crypto Exchanges Suspend USDT, USDC Transfers on Solana appeared first on BeInCrypto.

Cryptocurrency exchange Binance on Thursday temporarily suspended deposits of the stablecoins USDC (CRYPTO: USDC) and USDT (CRYPTO: USDT) on the Solana blockchain "until further notice," but resumed a few hours later. "After internal assessment and review, Binance has now resumed deposits for USDT (SOL)," the company stated in its official blog post.

Solana (SOL) was one of the hardest hit blockchains by the FTX collapse. Even now, more than a week after the initial bankruptcy, SOL continues to buckle under the weight of uncertainty left among its users and investors given Sam Bankman-Fried's (SBF) heavy involvement in the Solana blockchain.

On Thursday morning, the world's biggest exchange, Binance, announced that deposits of USD Coin (USDC) and Tether (USDT) on the Solana blockchain “have been temporarily suspended until further notice,” causing the SOL token to test a low of $12.45. The move comes right after OKX, another crypto exchange,  announced that it will delist USDC and The post Just-In: Binance Resumes USDT (SOL) Shortly After De-listing From Platform appeared first on CoinGape.

The announcement from the largest crypto exchange by trading volume comes after rival OKX announced it will delist both USDC and USDT on Solana. The post Binance halts Solana-based USDC and USDT deposits, in line with rivals appeared first on The Block.

Tether, the issuer of the major stablecoin USDT, denied having exposure to either Genesis Global Capital or Gemini Earn. Some, however, wonder how it is possible for such a large company not to be affected by any of the massive events that shook the crypto space this year.

Crypto exchanges Binance and OKX announced temporary suspension of USDC (SOL) and USDT (SOL) deposits. “Deposits of USDC (SOL) and USDT (SOL) have been temporarily suspended until further notice.

The impact of the FTX collapse has been spreading significantly over the other platforms as more number of them are restricting users' activity, failing to carry out their business as usual. While some of the platforms who denied earlier have admitted to their platform's exposure to the FTX crisis.