Major cryptocurrency exchanges continue to carry out measures in the aftermath of FTX collapse, now halting deposits in Solana-based Tether (
Solana is a decentralized blockchain with an associated cryptocurrency, SOL (SOL), that has been associated with having close ties with Sam Bankman-Fried’s troubled crypto exchange, FTX. (Bankman-Fried was an early investor in Solana via Alameda Research.) Amid the ongoing FTX crisis, SOL has been tanking alongside FTX Token (FTT) and other associated coins.
The suspensions of Solana-based USDT and USDC have triggered even more red for SOL, with the cryptocurrency plummeting 7% on the latest news. At the time of writing, SOL is trading at $13.1, down about 60% over the past 30 days, according to CoinGecko.
This news comes soon after Binance announced plans to remove USDC as a tradable asset from its platform. The exchange allows USDC deposits but automatically converts them to its in-house stablecoin, Binance USD (BUSD).
