Solana Foundation invested in FTX, held millions in SBF-linked cryptos on exchange

2022/11/15 00:29

According to Coindesk, the Solana Foundation said Monday it has tens of millions of dollars in cryptocurrencies stranded on FTX – as well as 3.24 million common stock shares in Sam Bankman-Fried’s bankrupt crypto exchange. In a blog post, the Foundation said it held 134.54 million SRM tokens and 3.43 million FTT tokens on FTX when withdrawals went dark on Nov. 6. Those assets are worth $29.3 million and $4.4 million, respectively, at current market prices; they were worth around $107 million and $83 million one day before the freeze. Many trading projects on Solana used wrapped assets called “Sollet assets” as stand-ins for bitcoin, ether and other non-native cryptocurrencies. “The total exposure to Sollet-based assets on Solana in circulation is valued at approximately $40 million as of Nov 10, 2022. The status of the underlying assets is unknown at this time,” the blog post said.

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