The liquidity problems facing specific crypto platforms have opened the eyes of others to actively devising ways to improve some of their activities. In light of this, cryptocurrency exchange Crypto.com has publicly shared proof of reserves.
The company's CEO, Kris Marszalek joined the list of recent cryptocurrency businesses vowing to reveal audited evidence of reserves in the wake of the demise of competitor exchange FTX.
Read: Solana's co-founder sheds more light on the blockchain's dependability at Breakpoint
Marszalek expressed that his company will be posting their vetted evidence of reserves and added that they share the idea that it should be necessary for crypto platforms to disclose proof of reserves publicly.
After the FTX liquidity debacle, the notion of crypto businesses publishing their Proof of Reserves has gained traction. On November 8, Binance CEO Changpeng "CZ" Zhao also vowed to launch a Proof of Reserves audit system to inform the public about the status of their reserves.
The CEO of Crypto.com made these remarks just hours after the exchange on November 9 briefly stopped accepting deposits and withdrawals of USDC and USDT on the Solana network.
According to reports on Twitter, Crypto.com informed users of an instant halt to UDSC and USDT deposits and withdrawals on Solana. They say this was done in an email sent to subscribers on November 9.
The exchange told users in the email that they may withdraw USD Coin and Tether (USDT) at any moment using other supported networks, like Cronos and Ethereum, implying that recent industry events had not damaged these other specified networks.
Following the downfall of the cryptocurrency exchange FTX, the cryptocurrency markets have been in a frenzy for the past 96 hours.
On November 6, CZ revealed that it intended to completely liquidate all of its holdings in FTX Token, the native token of rival exchange FTX, which sparked a bank run and caused the price of FTT to crash.
On October 8, the Binance CEO surprised the crypto world by revealing that his company had signed a non-binding Letter of Intent, intending to buy FTX.com fully and help cover the liquidity shortfall.
However, the CEO declared they had completely backed out of the transaction just under two days later.
The latest developments have a ripple impact on the markets, especially those connected to FTX and its associated businesses.
Recent reports state that Solana was on track to have its worst daily performance after its price fell by more than 40%. This development came about due to its connection to Sam Bankman-Fried, the creator of the cryptocurrency-focused hedge fund Alameda Research and the cryptocurrency exchange FTX.
In light of these events, Anatoly Yakovenko, a co-founder of Solana Labs, tweeted that Solana had not been impacted by what was happening.
Solana was selling for roughly 14.97 dollars at the time of publication, dropping 30.29% from the previous day.
