Jupiter Earn Delays Withdrawals Amid USDC Liquidity Crunch

Jupiter Earn said on October 30 that a liquidity crunch was delaying withdrawals, as an API snapshot showed about 418.5 million USDC in deposit claims and 3.35 USDC immediately available to withdraw. The platform said withdrawals could resume as users deposited funds or borrowers repaid loans, and maintained that user funds were safe. The snapshot, reported at 7:14 a.m. ET, reflects a sharp difference between claims and cash available for immediate withdrawal. It does not by itself show that loans are impaired or that users have lost funds. The figures were attributed to Jupiter’s API data; the underlying status of the loan book was not independently established in the reporting. Jupiter Earn said the delay stemmed from broader market conditions, not direct exposure to Binance. The platform said it held no funds on the exchange and had suffered no losses related to its security incident. Those assurances came from Jupiter and were not independently verified. The lending product uses deposited assets to support borrowing, so not all funds may be available for withdrawal at once. Jupiter said new deposits and loan repayments would help restore withdrawal capacity. Its materials...