FTX Estate Stakes $122 Million Worth of Solana: On-Chain Report

2023-10-16 19:19:01

Source: AdobeThe FTX bankruptcy estate has staked over 5.5 million Solana (SOL) tokens, valued at a substantial $122 million, from one of the exchange’s main Solana blockchain wallets.

The action was revealed through on-chain data from blockchain explorer SolanaFM and was first reported by The Block.

Source: Solana.fmOne of the wallet addresses associated with the FTX estate delegated the token holdings to Figment, a well-known network validator for staking.

The development was initially noted by on-chain analyst ‘ashpool’ on X:

The FTX estate encompasses all of the exchange’s assets and liabilities at the time of its bankruptcy filing.

The estate is managed by a trustee, whose role includes overseeing asset recovery and distribution to creditors.

It’s worth noting that a substantial amount of SOL allocated to the FTX estate unlocks on a monthly basis as per the vesting schedule, offering the estate the opportunity to sell these assets if they choose to do so.

Previously, there were concerns within the crypto community that the estate might liquidate its substantial SOL holdings, especially as the tokens became unlocked.

Given the recent staking action by the FTX estate, however, these concerns now seem to have been put to rest.

The development comes in the midst of the trial against Sam Bankman-Fried, the disgraced former CEO of the exchange, who is currently facing fraud charges.

FTX was known in crypto circles as a major backer of Solana, with Bankman-Fried also being a vocal advocate of the blockchain project.

The estate still holds around $1.1 billion worth of SOL, per court documents.

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