FTX estate stakes 5.5M Solana coins
$SOL
Coins worth $122 million have been staked, representing a small portion of FTX's SOL holdings. The staking process involves locking up coins for a fixed duration, with stakers receiving SOL rewards for network security.
FTX, an early Solana investor, regularly receives unlocked SOL based on a vesting schedule. The FTX estate, overseen by a bankruptcy trustee, can liquidate these assets when needed, primarily for creditor recovery.
In September, a U.S. court approved the sale of $1.3 billion in SOL from FTX, leading to concerns of price decline. To prevent market disruption, the bankruptcy court mandated gradual sales through an investment adviser, causing SOL's price to hit a two-month low of $17.34 on Sept. 11.
FTX holds $3.4 billion in Digital Assets A, ranking among the company's top 10 holdings, including Bitcoin (BTC), Ethereum (ETH), Aptos (APT), and other cryptocurrencies. Court filings from September indicate over $7 billion has been recovered since FTX's bankruptcy protection filing in November 2022.
Sam Bankman-Fried, FTX's co-founder, is currently on trial in a Manhattan district court, facing charges of fraud and conspiracy. If convicted, he could face a sentence of up to 115 years in prison.
