Solana is in Trouble: Binance, OKX, KuCoin and ByBit Halt Deposits for USDC and USDT

Solana affected by the FTX downfall

Solana suffered the greatest losses from the FTX-induced carnage, falling 55% in a week from $38 to $12. After it was revealed that Alameda holds tokens valued at $1.2 billion, SOL was among the companies that were hit the hardest. Social media was rife with rumors that Alameda intended to sell SOL in order to stay solvent.

However, according to Watcher Guru, even if none of that had happened, Solana had already sustained harm. Last week, investors sold their SOL holdings, sparking a chain reaction of furious sell-offs.

The reason for the decision by the exchange, including Binance, to halt deposits is unclear at the moment.