The platform's governance token (STEP) plummeted over 80% following the announcement amid a wider crypto market drawdown.

Ether also declined significantly, dropping to 56th place with a market cap just above $300 billion and losing 14.5% of its value.

Long-term bitcoin holders are selling at the fastest pace since August, while some industry observers suggest the market may be approaching a bear-market bottom.

Bitcoin slid under $78,000 on Saturday as thin weekend liquidity magnified selling pressure, with traders pointing to Middle East tensions, U.S. political risk and lingering crypto-specific uncertainty.

The exchanges were accused of facilitating transactions for the Islamic Revolutionary Guard Corps and are linked to an Iranian businessman convicted of embezzlement.