Cryptocurrencies Binance halts USDC and USDT deposits on Solana in latest blow to the blockchain
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The Binance suspension is a significant setback for Solana. The blockchain and its native SOL token have been among the hardest hit by the implosion of FTX and Alameda, and with good reason: the now-bankrupt Alameda was the single-largest backer of SOL and former CEO Sam Bankman-Fried personally promoted it as an Ethereum alternative.
Once FTX and Alameda’s assets begin to be liquidated as part of their bankruptcy proceedings, SOL is expected to crash further. According to the now-infamous balance sheet published by Coindesk on Nov. 2, which set the collapse of FTX in motion, Alameda was holding $292 million of unlocked SOL, $863 million of locked SOL, and $41 million in SOL collateral.
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