Solana Network Facts Related To FTX Collapse

Neither FTX’s collapse nor changes in asset prices have had a negative effect on the performance and security of the Solana network despite the fact that Solana had exposure to FTX and could not withdraw the assets as FTX ceased to process withdrawals.

According to the last update report of Solana Foundation, the company has shown the balance sheet and assets exposure to FTX/ Alameda. Firstly, $1 Million in cash which is less than 1% of Solana Foundation’s cash, was stuck in FTX.com as of 6 November 2022 when the crypto exchange firm ceased to process withdrawals.

Secondly, on 14 November 2022, the Solana Foundation had its exposure to around

• $3.24 Million shares of FTX Trading LTD common stock
• $3.43 Million FTT tokens
• $134.54 Million SRM tokens

These assets have been held on FTX.com accounts since the crypto exchange suspended its withdrawal process on 6 November 2022.

Additionally, Solana also confirmed transactions with FTX/Alameda in detail. On August 2020, FTX/Alameda had made its first purchase of 4 Million SOL from the Solana Foundation before the crypto exchange purchased an additional amount of 12 Million SOL on 11 September which takes 6 years to unlock the full amount from September 2021 to September 2027. In the following year 2021, FTX/Alameda bought another 34 Million SOL on 7 January, and the tokens would be unlocked monthly from 2022 to 2028.

As for Solana Labs, Inc.’s SOL sales to FTX/Alameda, around 7.6 Million SOL was sold to Alameda Research Ventures Ltd. Particularly, 7.5 Million SOL was purchased on 17 February 2021, and 61.853 SOL was additionally processed on the following month. Both will be unlocked fully in 2025.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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