Fears Over FTX’s 7M SOL Shift: Solana Co-Founder Steps In

• $138.53 million worth of the PoS altcoin SOL is kept in cold storage by FTX.
• FTX’s new management started moving around $SOL during the weekend.
• Solana founder Anatoly Yakovenko proposes a ‘win-win’ solution on Twitter.

Based on recent blockchain movements, fallen crypto exchange’s FTX new staff could be looking at dumping their massive $7 million Solana (SOL) bag. Indeed, blockchain records show that the new management of FTX has already transferred $5.5M of SOL through a wormhole to the rival PoS blockchain Ethereum (ETH).

On top of that, the bankrupt company holds another 7M SOL, currently worth $138.53 million. This crypto is kept in cold storage devices. According to earlier statements by Solana Labs and the Solana Foundation, 58,086,686 of SOL was sold to FTX and Alameda Research, worth $1.1 billion.

Daily Alpha – 4 Sep'23 featuring:

– @MakerDAO proposal to reimplement using a fork of @solana's codebase
– @FTX_Official estate coin movements potentially a precursor to token sales
– JPMorgan and ex-SEC chair expects spot BTC ETF to be approved pic.twitter.com/edJNN0P7TT

— Menya Research (@MenyaResearch) September 4, 2023

Solana Founder Suggests FTX-Captivated SOL Airdrop

While the messy books of FTX wouldn’t disclose how much of $SOL FTX still had during the collapse, the fate of FTX’s Solana is the talk of the crypto town as more blockchain records get leaked on Crypto Twitter. Solana’s co-founder Anatoly Yakovenko chipped into the conversation by suggesting that the $138.53 million worth of SOL tokens should be distributed among FTX customers in a direct way rather than by legal procedures.

“Probably the least worse outcome for everyone,” utters Toly Yokovenko. Solana’s co-founder named the long-term advantages of supporting the blockchain network with the 7M SOL, dished out evenly to 5 million FTX platform users. Moreover, the Ukrainian cryptocurrency entrepreneur highlighted that users need to get control of their FTX shares and sell them in a Dutch auction if they wish.

Can't each user make their own decisions? Seems like it would have been a much faster process and with less legal overhead if everything was just evenly split across all the users and let each user do what they will.

— toly 🇺🇸 (@aeyakovenko) August 31, 2023

On the Flipside

• Despite the bearish scenario, #10 ranked Solana (SOL) rebounded by 2.2% to $19.92 today but couldn’t reach the $20 major support levels.
• The new management of FTX hasn’t either affirmed or declined plans to sell their Solana cold storage crypto holdings – FTX didn’t respond for comment to DailyCoin yet.

Why This Matters

Solana is the 10th largest cryptocurrency and one of the leading Proof of Stake (PoS) blockchains with a global market capitalization of $8 billion.

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