The FTX Bankruptcy Estate Stakes $122 Million Worth of Solana Tokens
The FTX bankruptcy estate has staked over 5.5 million Solana (SOL) tokens, which are valued at a significant $122 million. This action was discovered through on-chain data from blockchain explorer SolanaFM and was first reported by The Block.
Delegation to Figment
One of the wallet addresses associated with the FTX estate delegated the token holdings to Figment, a well-known network validator for staking. This development was initially noted by on-chain analyst ‘ashpool’ on Twitter.
The Role of the Trustee
The FTX estate includes all of the exchange’s assets and liabilities at the time of its bankruptcy filing. The estate is managed by a trustee, who oversees asset recovery and distribution to creditors.
Vesting Schedule and Asset Liquidation
A substantial amount of SOL allocated to the FTX estate unlocks on a monthly basis according to the vesting schedule. This provides the estate with the option to sell these assets if they choose to do so. Initially, there were concerns that the estate might liquidate its SOL holdings as they became unlocked. However, the recent staking action suggests that these concerns have been put to rest.
FTX’s Support for Solana
FTX was known in the crypto community for its support of Solana, with its former CEO Sam Bankman-Fried being a vocal advocate of the blockchain project. The estate still holds around $1.1 billion worth of SOL, according to court documents.
Hot Take: FTX Estate Stakes $122 Million in Solana Tokens
The FTX bankruptcy estate has staked a significant amount of Solana tokens, demonstrating its confidence in the future value of the cryptocurrency. This move reassures the crypto community that the estate is not planning to liquidate its holdings and provides stability to the Solana ecosystem. It also highlights FTX’s continued support for Solana, despite the legal challenges faced by its former CEO. As Solana continues to gain traction in the crypto space, this staking action further strengthens its position as a promising blockchain project.
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