Latest blockchain data shows that FTX currently holds a significant amount of Solana in cold wallets. The number is really huge. It’s worth exactly $138.53 million. This significant stash of SOL is particularly notable as FTX’s new management appears to be on the move.
FTX transfers $5.5 million of Solana SOL to Ethereum
Blockchain records show that FTX’s new management has initiated the movement of a significant portion of Solana SOL. It also shows that he transferred $5.5 million worth of altcoins to Ethereum (ETH). Considering the exchange’s turbulent recent history, this move is creating intrigue within the crypto community.
Daily Alpha – 4 Sep'23 featuring:
– @MakerDAO proposal to reimplement using a fork of @solana's codebase
– @FTX_Official estate coin movements potentially a precursor to token sales
– JPMorgan and ex-SEC chair expects spot BTC ETF to be approved pic.twitter.com/edJNN0P7TT— Menya Research (@MenyaResearch) September 4, 2023
Discussions surrounding FTX’s significant Solana holdings continue to gain momentum. Accordingly, Solana co-founder Anatoly Yakovenko weighed in with a potential solution. Yakovenko proposes a ‘win-win’ outcome where SOL tokens worth $138.53 million are distributed directly among FTX customers, bypassing complex legal processes.
Direct distribution case
Yakovenko is of the opinion that Solana tokens will be distributed directly to FTX users. It argues that it offers several advantages, including long-term support for the Solana network. It envisions a fair distribution among FTX’s five million platform users. The cryptocurrency entrepreneur also wants users to take control of their FTX shares. Accordingly, he suggests they attend a Dutch auction for potential sales.
On the other hand, according to the on-chain analysis platform Arkham Intelligence, a breakdown of the amounts in token transfers made via the Wormhole bridge was also given. Accordingly, there are tokens other than Solana. Numerically, there are 266.56 Wrapped BNB (WBNB) worth $57,000. There are also 131,000 SXP (SXP) worth $32,000. On the other hand, there are 406,000 Uniswap (UNI) tokens worth $1.78 million. Additionally, 1.2 million FTX Tokens (FTT) worth $1.2 million were traded.
Other tokens other than Solana
Apart from Solana, token transfers include 2,000 Chainlink worth $12.7k and 683,000 Acropolis worth $11.4k. On the other hand, there are also 1.9 million Aleph Zero (ALEPH) worth $1.4 million and 5.4 million Terra (LUNA) worth $2.1 million. Additionally, 1.5 million Frontier tokens worth $240,000 were among the cryptocurrencies sent. Finally, there are 924,000 Sushi worth $549,000 and 9 million HXRO worth $1.3 million.
These significant token transfers have led to widespread speculation that FTX may initiate a token liquidation process. There is a possibility that FTX will conduct a token liquidation to cover user assets. Therefore, this situation raises concerns about a potential market decline when we look at it as cryptokoin.com.
