FTX liquidated $100 million SOL in 10 days, but there is more to go
Sam Bankman-Fried, the founder of FTX and Alameda Research, was found guilty of seven counts of fraud and conspiracy after 15 days of testimony. Meanwhile, crypto wallet addresses owned by these companies have dumped million s of dollars in cryptocurrencies in the past 10 days. Particularly affecting Solana (SOL), FTX and Alameda’s known addresses have deposited a total of 2.69 million SOL ($99.2 million ) to cryptocurrency exchanges since October 24. The most recent three deposits registered by Spot On Chain summed up to 800,000 SOL ($32.7 million ) sent to Binance and Kraken on November 2. FTX made these deposits at an average price of $40.9 per token. FTX cold storage deposits 800,000 SOL to Binance and Kraken. Source: SpotOnChain Notably, both companies still hold 4.26 million SOL ($164 million ), of which 3.96 million tokens ($152 million ) are under staking. Despite being momentarily illiquid on Solana’s protocol, the staked amount could be redeemed at any time. Thi...