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FTX Estate Stakes $122 Million Solana (SOL), Quells Fear Of Token Sell-Off
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

FTX Estate Stakes $122 Million Solana (SOL), Quells Fear Of Token Sell-Off

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Solana

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The FTX estate has reportedly staked 5.5 million Solana (SOL), worth $122 million. This development comes amidst fears of the defunct crypto exchange liquidating a substantial portion of its SOL holdings and inducing a bearish trend.

FTX Renews Bullish Interest In Solana With Latest Move

On October 14, blockchain tracking platform Whale Alert reported that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool soon identified the FTX exchange to be behind this whale transaction.

Using data from gelato.sh, ashpool revealed that the FTX exchange had delegated the said 5.5 million SOL to the Figment staking service, an active validator on the Solana network. 

FTX estate is staking 5.5M SOLhttps://t.co/ajRgBHFNt9 https://t.co/UGorSGMtwC

— ashpool (@solanobahn) October 14, 2023

In September, the management of the bankrupt crypto exchange obtained court approval to liquidate its crypto holdings, valued at $3.4 billion, as they look to pay off their creditors.

Solana accounts for the largest part of FTX’s crypto assets, with the exchange reportedly owning 55.8 million SOL, worth $1.16 billion. 

However, the majority of this SOL are currently staked, with FTX reportedly having access to 7 million SOL as of September, most of which had been sold off. 

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SOL Price Prediction: Will Correction Trend Push Solana Under $20?

1 year ago

On October 6, 9.1 million SOL, worth about $212 million, owned by Alameda Research – FTX’s defunct trading wing – were reportedly unstaked, prompting new fears of market sell-off by the FTX estate. 

However, FTX’s latest move to stake 5.5 million SOL shows the exchange is holding on to its SOL investments for now, which could be interpreted as a reassuring move for traders with fears of liquidation.

Despite its bankrupt status, FTX is still considered a major player in the Solana ecosystem, owning 10% of SOL’s total supply. In addition to its SOL holdings, FTX also owns 20,500 BTC worth $560 million and 112,600 ETH, worth $192 million, among other crypto assets. 

Related Reading

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No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony Against Sam Bankman-Fried

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SOL Up By 16% In One Month

In other news, SOL is up by 16.06% in the last months despite fears of liquidation and worrying factors linked to the FTX exchange. 

Most recently, there were circulating rumors that the defunct exchange could “switch off” the Solana blockchain if it found the need to liquidate the long position of traders.

However, these rumors were soon debunked by multiple accounts as fake. In fact, Jacob Creech, Head of Developers at Solana, drew the community’s attention to the fact there is a $400,000 SOL bounty for anyone who can find a “switch off” for the network.  

At the time of writing, SOL is trading at $21.98, with a 2.34% gain in the last day. Meanwhile, the token’s daily trading volume is up by 10.18% and is valued at $267.07 million.

Solana

SOL trading at $21.93 on the hourly chart | Source: SOLUSDT chart on Tradingview.com
Featured image from Cryptodose, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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