1 year ago
Kris Marszalek, CEO of cryptocurrency speech Crypto.com has go the latest crypto institution promising to people "audited impervious of reserves," amid the downfall of rival speech FTX.
"We stock the content that it should beryllium indispensable for crypto platforms to publically stock impervious of reserves," said Marszalek, adding that his institution "will beryllium publishing our audited impervious of reserves."
We stock the content that it should beryllium indispensable for crypto platforms to publically stock impervious of reserves and https://t.co/pFc4Pz9nFR volition beryllium publishing our audited impervious of reserves.
— Kris | Crypto.com (@kris) November 10, 2022The thought for crypto companies to people their impervious of reserves has gained traction successful the aftermath of the FTX liquidity fiasco. Binance CEO Changpeng “CZ” Zhao connected Nov. 8 besides pledged to commencement a Proof-of-Reserves audit strategy to springiness the nationalist insights into the authorities of their reserves.
The Crypto.com CEO's comments travel lone hours aft the speech temporarily suspended withdrawals and deposits of USDC and USDT connected the Solana web connected Nov. 9.
In an email to users connected Nov. 9, which had been circulating connected Twitter, Crypto.com reportedly notified users of an “Immediate suspension of UDSC and USDT Deposits and withdrawals connected Solana.”
In the email, the speech assured its customers that they could inactive retreat USDC and USDT astatine immoderate clip utilizing different supported networks, specified arsenic Cronos and Ethereum, suggesting that different named networks had not been impacted by “recent manufacture events”.
When https://t.co/5NeQKxhWmO suspends each deposits and withdrawals via #Solana is wide thing is not right... #cryptocrash #SOL pic.twitter.com/GFAcOVTzNR
— The Black Tie Report (@BlackTieReport) November 9, 2022Cointelegraph reached retired to Crypto.com, who confirmed that the quality circulating connected societal media astir the suspension of withdrawals and deposits of USDC and USDT connected the Solana web was so true. The speech added that “any unreceived deposits of these 2 tokens implicit Solana volition beryllium refunded without a interest for the adjacent 2 weeks.” However, they declined to supply much extent connected the issue.
The speech added that “any unreceived deposits of these 2 tokens implicit Solana volition beryllium refunded without a interest for the adjacent 2 weeks.” However, they declined to supply much extent connected the issue.
The past 96 hours person seen the crypto markets sent into a frenzy owed to the illness of the crypto speech FTX.
On Nov. 6, the CEO of cryptocurrency speech Binance, Changpeng “CZ” Zhao, announced plans to liquidate the entirety of its presumption successful FTX Token (FTT), the autochthonal token of competing speech FTX, which led to a slope tally and the plunging of the terms of its FTT token.
A astonishment crook of events occurred connected Oct. 8 erstwhile the Binance CEO shared that his institution had “signed a non-binding Letter of Intent, intending to afloat get FTX.com and assistance cover the liquidity crunch.”
The CEO added that thing was acceptable successful chromatic arsenic they were "assessing the concern successful existent time" and had the quality "to propulsion retired from the woody astatine immoderate time."
Less than 48 hours later, the CEO announced they had pulled retired of the woody entirely.
The unfolding of these latest events has caused a cascading effect connected the markets, peculiarly those with links to FTX and its related companies.
On Nov. 9, Cointelegraph reported that Solana (SOL) was connected the way to log its worst regular show connected record, arsenic SOL’s terms dropped much than 40% owed to its relation with Sam Bankman-Fried, the laminitis of crypto-focused hedge money Alameda Research and cryptocurrency speech FTX.
In the midst of the unfolding events, the co-founder of Solana Labs, Anatoly Yakovenko shared a tweet suggesting that Solana had not been affected by the unfolding events. He stated; “Solana Labs, a US corp, didn’t person immoderate assets connected ftx.com, truthful we inactive person tons of runway, and luckily inactive a tiny team.”
Solana Labs, a US corp, didn’t person immoderate assets connected https://t.co/nL7jEmgrVT, truthful we inactive person tons of runway, and luckily inactive a tiny team.
— toly (@aeyakovenko) November 9, 2022At the clip of publication, Solana was trading astatine astir $14.97, down 30.29% implicit the past 24 hours.
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