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On October 13, the FTX trading platform confirmed its growing interest in Solana (SOL) by staking an impressive 5.5 million SOL. Blockchain data indicates that the funds, originating from a wallet associated with FTX, were directed to Figment, a renowned firm specializing in staking validation for big-time investors.
This significant transaction was first noticed by the blockchain monitoring tool, Whale Alert. Subsequent identification was provided by an anonymous blockchain investigator known as Ashpool, who associated the wallet with FTX. The staked coins, valued at around $122 million, only represent a small portion of FTX's SOL assets.
Staking is the process of temporarily securing a certain number of coins, and in return, stakers get SOL coin rewards, reinforcing the network's security.
Historically, FTX has shown a keen interest in Solana, often acquiring a substantial amount of SOL following the stipulated unlocking schedule. The FTX financial estate, managed by a bankruptcy trustee, has the authority to sell these assets when deemed necessary. Their primary mission is to ensure that the exchange's creditors regain their assets.
Last September, concerns arose among SOL holders when a U.S. court authorized FTX's sale of assets valued at $1.3 billion in SOL. To prevent potential market disruptions, the sale was mandated to be executed in weekly segments via a financial consultant. This resolution resulted in SOL's price descending to a two-month trough, settling at $17.3 on September 11.
Among FTX's portfolio, Digital Assets A, valued at $3.4 billion, ranks in their top 10 holdings. This collection includes prominent cryptocurrencies like Bitcoin, Ether, Solana, Aptos, and others. Legal documents from September reveal that since declaring bankruptcy in November 2022, the exchange has recouped over $7 billion.
FTX's co-founder, Sam Bankman-Fried, is under scrutiny in a Manhattan district court. He faces allegations of fraud and the potential of a conspiracy charge. A conviction could result in a sentence of up to 115 years.
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