Wednesday, November 29, 2023
    HomeAltcoinFTX Estate Stakes 5.5 Million SOL Tokens Amid Market Scrutiny

    FTX Estate Stakes 5.5 Million SOL Tokens Amid Market Scrutiny


    The FTX property has staked a formidable 5.5 million Solana (SOL) tokens with Figment. This quantities to a notable $122 million, according to on-chain data from SolanaFM. The choice comes as market watchers had been voicing issues over the potential liquidation of the property’s huge Solana holdings. Such a transfer might have dampened the SOL market worth. Nevertheless, this latest staking signifies the FTX property’s optimism about Solana’s long-term potential.

    FTX Property Reveals $7 Billion Property

    After this revelation, the SOL token has skilled a slight uptick, and It’s currently trading at $21.99, marking a 1.84% enhance. The market, it appears, views this as a optimistic dedication from the FTX property towards the Solana blockchain.

    Moreover, in a court document from September 11, 2023, the FTX property divulged that they’ve retrieved property nearing $7 billion. This hefty sum consists of greater than $1 billion in staked SOL tokens. Furthermore, the property possesses round $560 million in Bitcoin (BTC). Past the crypto realm, the property has a $200 million stake in Bahamian actual property. Additionally they reported about $1.9 billion tied up in illiquid property. These figures spotlight the depth of the FTX property’s property and their ongoing endeavors in managing and recovering them.

    FTX Staking Could Stabilize Solana Community

    The FTX property’s dedication to staking SOL may form the way forward for the Solana community. Because the unlocking of SOL tokens is ready to proceed, all eyes shall be on the property’s subsequent steps. Their selections might pivot the cryptocurrency market dynamics. Moreover, Sam Bankman-Fried, former CEO of the now-defunct change, is embroiled in legal wrangles over fraud allegations. Therefore, this staking transfer by the FTX property may stabilize the Solana neighborhood.

    Learn Additionally: SOL Price Shoots Over 4% As Solana Foundation Offers $400,000 Bounty

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    Maxwell is a crypto-economic analyst and Blockchain fanatic, obsessed with serving to folks perceive the potential of decentralized know-how. I write extensively on subjects similar to blockchain, cryptocurrency, tokens, and extra for a lot of publications. My purpose is to unfold data about this revolutionary know-how and its implications for financial freedom and social good.

    The introduced content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.

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