Decentral Block Post

Binance crypto exchange announced on Nov. 17 that deposits of Solana-based USDT and USDC have been “temporarily suspended until further notice” on the platform.

The exchange referred to the tokens as “USDT (SOL)” and “USDC (SOL),” as USDT and USDC stablecoins remain available for deposits on Binance on other blockchains.

Binance did not provide more information on the measure, adding that Binance “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”

Other exchanges, including OKX and ByBit, are also among the platforms delisting Solana-based stablecoins for deposits. OKX exchange suspended the tokens’ deposits at 3:00 AM UTC on Nov. 17, while ByBit reportedly disabled such deposits as of Nov. 17 as well.

Major cryptocurrency exchanges continue to carry out measures in the aftermath of FTX collapse, now halting deposits in Solana-based Tether USDT (USDT) and USD Coin (USDC).

Bitcoin (BTC) has flooded out of exchanges in the past week as users become wary of security and regulatory scrutiny.

Data from on-chain monitoring resource Coinglass shows United States exchanges in particular seeing heavy BTC balance reductions.

U.S. exchanges lead BTC exodus

In the wake of the FTX scandal, efforts to draw attention to the risk involved in custodial BTC storage stepped up on social media.

Users appeared to heed the warning, withdrawing over $3 billion in cryptocurrency in the week immediately following the solvency debacle and ordering record numbers of hardware wallets.

The aftermath of FTX is only just beginning, meanwhile, and as regulators plan investigative action and more attention to crypto as a whole, investors angst continues to grow.

Singapore's state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn't find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange.

Like many of FTX's more than one million creditors, the Singapore-based firm has been left blindsided by the collapse of FTX and the ongoing fallout, saying in a Nov. 17 post:

"The thesis for our investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk."

Before the firm decided to invest $210 million for a stake of 1% in FTX International and $65 million for a minority 1.5% stake in its United States-based entity FTX US across two funding rounds, it claims to have conducted "extensive due diligence" from Feb. to Oct. 2021.

According to Temasek it reviewed FTX's audited financial statements, investigated the associated regulatory risk with crypto financial market service providers, and sought advice from external legal and cybersecurity specialists, with a legal and regulatory review undertaken for the investments.

Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX crypto exchange “effective immediately” following the cryptocurrency trading platform’s shock collapse last week.

The United-States-based esports organization made the announcement in a Nov. 16 tweet to its 2.2 million followers, adding that the decision was made after “monitoring the evolving situation and discussing internally.”

The $210 million deal was put to paper in Jun. 2021, which resulted in the renaming of TSM to TSM FTX. At the time of the deal, the esports organization said it would allocate its new resources to all corners of the globe by opening offices in Asia, Europe and South America, according to Esports insider.

TSM also purchased $1 million worth of FTX’s native token, FTT, which was distributed to players and employees. 

Following FTX's collapse last week, TSM in a Nov. 13 tweet said the firm was discussing its legal counsel “to decide the best next steps to protect our team, staff, fans and players.”