Solana Foundation lost $180 million worth of cryptocurrencies after crypto exchange FTX crashed.
The nonprofit had invested in FTT and SRM tokens.
Solana Foundation in Loss
The foundation has released a fact sheet on its investments following FTX’s bankruptcy.
The organization had $180 million in assets on the exchange as of November 6, before the exchange stopped withdrawals.
The foundation also kept $1 million in cash on the platform. The agency stated that $1 million is a “negligible” amount, accounting for 1% of its cash reserves.
The Solana Foundation has lost far more than that in crypto assets. Although it did not hold any SOL in FTX, the foundation held approximately 3.43 million FTT and 134.54 million SRM tokens. It remains unclear at this time whether these assets can be recovered.
According to CoinGecko’s data, at that time, FTT was trading above $22, while SRM was worth $0.8. Following the collapse of FTX, FTT dropped to $1.32 while SRM dropped to $0.32.
The SOL was also affected by the crypto crisis and saw below $15 this month. The asset reached the ATH level at $259 last November.
