It was determined that the cryptocurrency exchange FTX made a Solana (SOL) token transaction worth $ 122 million. It was stated that the exchange staked its SOL assets. Concerns had arisen that the company might be able to sell for a while.
According to on-chain data from Solana FM, one of the wallets linked to FTX staked 5.5 million SOL worth $122 million. FTX’s LEFT move was first noticed by on-chain analyst ‘ashpool’ on X (Twitter). FTX reportedly transferred the coins to Figment, one of the network validators, for staking.
Action must be taken
It was announced that the primary purpose of FTX, which is managed by the bankruptcy trustee board, is to recover assets and distribute them to creditors. FTX’s significant amount of SOL coins will be unlocked every month, and the platform will be able to sell its holdings if it wishes.
The concern that the exchange might sell its Solana coins caused panic in the market a while ago. The latest move by FTX management eliminated these concerns. FTX announced on September 11 that it took back approximately $7 billion in assets. The exchange was reported to have over $1 billion SOL staked. It was also noteworthy that the transaction in question coincided with the trial of FTX founder Sam Bankman-Fried.
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