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

The bankrupt FTX’s new management started relocating their cold storage crypto yesterday.

Anatoliy Yokovenko smiling as holding a stack of golden Solana coins.
Created by Gabor Kovacs from DailyCoin
  • $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.

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.

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.