PSA: Major exchanges (at least Binance and Coinbase) suspended all SOL deposits and withdrawals right as the network restarted, and are still down. Billions of coins are still stuck while price is being desperately manipulated via FTX lev long futures.

I’m sure everyone saw the sudden 16 hour Solana network outage yesterday. During the outage the SOL price strangely tanked and then slowly recovered. That was because volume overall was pretty low since most of the coins are being either staked, stuck in various DeFi apps, or in wallets. The only coins that could be traded during the outage were already on exchanges.

So everybody (including myself) was expecting a major price crash as soon as the SOL network went back online and people could get their coins out.

But we saw was actually the opposite…it mysteriously pumped, and has since traded sideways.

So what happened? Pretty much as soon as it went online, millions were pumped into FTX lev long SOL future positions (check out the WhaleTrades)

At the same time, Binance, Coinbase, ( I believe FTX too), KuCoin and probably others I didn’t hear about suspended all deposits and withdrawals. So nobody with coins to move could even get them on exchanges to sell.

Meanwhile, People with staked coins can’t unstake/withdraw them until the Solana network epoch turns over. That doesn’t happen until several hours from now (according to solanabeach.io status tracker)

But oh wait, unstaking was suspended on some apps too (reports coming from Exodus users)

As far as I know, Binance and Coinbase are still suspended.

There are tens of billions of dollars worth of coins still stuck in DeFi or unable to be moved on or off exchanges. The price is still being stabilized by incremental leveraged positions and wash/arb trading bots moving volume around

There seems to be some blatant and desperate interference being run from the exchanges, who have been silent about this thus far. If there really was a mass SOL exodus, they’d have probably been bled dry of liquidity.

Meanwhile investors are sitting on millions of dollars of losses they can’t mitigate, with their coins being held hostage.

It’s all super sketchy and the participants need to be called out on it.