Re:Crypto.com Halts Solana USDC and USDT Withdrawals
by tell3 on Wednesday November 09, 2022 @04:20PM
(#33538010)
Idgi, the Solana network functions normal, and SOL is not intimately tied to FTX. They only reason they would do this imo, is if Crypto.com itself has problems (they want to slow withdrawals?). What am I missing here?
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Re:Crypto.com Halts Solana USDC and USDT Withdrawals
by davidcbc on Wednesday November 09, 2022 @04:37PM
(#33538245)
The answer to your question is in your post
Re:Crypto.com Halts Solana USDC and USDT Withdrawals
by Animats on Wednesday November 09, 2022 @04:43PM
(#33538326)
"More than 18 million coins worth approximately $320 million will hit the cryptocurrency market in the next 24 hours after they are released from staking. ... In addition to the aforementioned 18 million SOL, the market should be ready for a 1.7 million Solend whale liquidation; the whale borrowed 30 million USDC against his two million SOL collateral. A total of 96.7% of his loan is backed by the cryptocurrency that is rapidly losing value on the market right now. Technically, liquidation has been triggered already, and the borrow utilization greatly exceeded the liquidation threshold by more than 50%..."[1]
And that's just stuff that's publicly known.
[1] https://u.today/320-million-in-solana-will-hit-market-in-24-...