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It has been discovered that the bankrupt cryptocurrency exchange FTX has staked over 5.5 million SOL tokens, worth $122 million, on the Solana blockchain. The wallet address controlled by the FTX trustee transferred the SOL tokens under its management to a Solana validator.
FTX Trustee Chooses to Stake SOL Tokens Instead of Selling
According to data obtained from SolanaFM, a wallet address under the control of the FTX trustee staked 5.5 million SOL tokens, worth $122 million, from one of the main wallet addresses on the Solana blockchain. The wallet address, determined to be managed by the FTX trustee, was first transferred to Figment, one of the network validators, to stake the SOL tokens, as stated by the anonymous on-chain data analyst ashpool.
FTX, managed by the bankruptcy trustee, is operating with the goal of fulfilling the assets and liabilities of the cryptocurrency exchange during the bankruptcy proceedings. In this context, the trustee is responsible for recovering the lost assets and distributing them to the creditors. Accordingly, the high amount of locked SOL tokens transferred to the FTX trustee are unlocked monthly according to the vesting program and the trustee has the option to sell them if desired.
Prior to this development, cryptocurrency investors, especially SOL investors, were concerned that the FTX trustee could sell the SOL tokens in a way that could affect the price of the altcoin, and these concerns led to a decrease in the price of SOL. The recent action taken by the FTX trustee regarding the SOL tokens eliminated all these concerns. Data shows a significant increase in the number of SOL tokens staked under the control of the FTX trustee as of October 14th.
Majority of the $7 Billion Assets Recovered
According to the FTX trustee’s court filing dated September 11th, 2023, approximately $7 billion worth of assets have been recovered. Among these assets were over $1 billion worth of SOL tokens, mainly staked, and $560 million worth of liquid cryptocurrencies classified as liquid assets for the cryptocurrency exchange, including Bitcoin (BTC). Additionally, it was stated that there were $200 million in real estate assets in the Bahamas, and $1.9 billion in illiquid assets.
The former CEO of the bankrupt cryptocurrency exchange, Sam Bankman-Fried (SBF), is currently facing fraud charges in the United States.
