The non-profit organization behind the Solana (SOL) network has announced that they have lost a lot of money to the tragic and abrupt bankruptcy of crypto exchange ftx. In total, the Solana Foundation is said to have seen as much as $180 million in various cryptocurrencies go up in smoke.
Solana in heavy weather
This work published in a factsheet which was published this week. It was clarified in detail how much money the Solana Foundation had on the FTX platform and it turns out that this was a considerable amount. The organization still had at least $180 million exposure to FTX as of November 6.
No SOL was held on FTX, but the Solana Foundation did hold a large amount of FTT, the token of FTX, and Serum (SRM) on FTX. Shortly afterwards, recordings on FTX were stopped. That also means that the Solana Foundation cryptocurrencies could not secure. It can be cautiously stated that the Solana Foundation has lost this money.
The organization states that it hardly cash on FTX. Solana said she held about $1 million in FTX. This amount, according to Solana, is negligible and represented less than 1% of the total cash reserves of the Solana network.
The Solana Foundation would also own another 3.24 million shares in FTX. All in all, the exchange’s demise was clearly a major blow to Solana.
SOL Course
We also see this in the price of SOL. This price has been very deep under water since the FTX debacle. That was because the close connection between FTX and Solana had not been a secret for some time.
Earlier it was in it altcoin news However, not everyone has given up hope. Macro guru Raoul Pal recently indicated that he still is enormous potential sees in the crypto project. He compared Solana to at this time Ethereum (ETH) from a few years ago. At the time, things weren’t exactly going well with Ethereum either, and yet this network just left another huge one rally to see.