Deribit To Stop Offering Solana Inverse Products In 2023
Deribit, a cryptocurrency option, and futures trading exchange, has recently issued a notice on Twitter. According to the tweet, the exchange will stop providing Solana inverse products in January 2023.
Deribit To Remove Solana Inverse Products In 2023
Deribit is a trading platform where users can trade crypto derivatives and Ethereum and Bitcoin options. After December 30th, the crypto derivatives platform will not list new SOL inverse options or futures again.
Additionally, Deribit will stop listing futures and options with Solana as collateralized crypto assets. These products include Solana-based futures and inverse perpetual contracts.
In addition, Deribit informed its users that they could withdraw their assets saved in Solana inverse products. The exchange will not charge fees for all settlements.
Meanwhile, closing support for Solana inverse products will not affect the trading of SOL/USDC. This trading pair uses the USDC stablecoin as collateral.
Furthermore, Deribit offers its clients trading futures, options, and perpetual contracts with zero trading fees. The exchange moves all assets directly to the individuals involved in the transactions at no cost.
Deribit exchange unveiled the Solana inverse futures and options products on April 29th. These products allowed customers to diversify their portfolios with access to crypto derivatives.
This product allowed users to deposit the Solana token straight to the platform. In the past, it was not easy for users to fund their wallets with Solana.
Then, users had to open a deposit wallet and indicate Solana as the crypto they wanted to deposit.
Deribit Suffered $28 Million Attack In November
Meanwhile, the latest announcement comes at the heels of a recent attack on the exchange. On November 1st, hackers carted away digital assets worth over $28 million after a hot wallet attack.
The hackers attacked USDC, ETH, and BTC hot wallets, stealing users’ assets. Following the attack, the exchange team closed the affected hot wallets and began investigating.
Fortunately, the exchange assured affected users that it would refund their assets. According to Deribit, 99% of users’ funds are saved in cold wallets. This prevents hackers from gaining access to them.
Earlier last month, rumors alleged that Deribit had assets stored on Genesis. On November 16th, the company cleared the air with a tweet stating that it has no affiliation or assets with Genesis or Gemini. “Please note that Deribit did not take in on Gemini Earn. Also, we do not have assets on any platform or exchanges apart from our custodians,” Deribit added.
Some weeks ago, Genesis closed withdrawals on the Gemini Earn project, citing a substantial financial crisis following the collapse of FTX. According to reports, the CEO of Gemini is already taking steps to recover its users’ funds stuck on Gemini Earn.
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