Cryptocurrency commentator talked about Solana, who was down due to his involvement with FTX and Alameda on November 27. Sam Bankman-Fried’s trading form states that Alameda Research currently owns 13.25 percent of Solana (SOL) coins in circulation. Here are the details…
Alameda and FTX have a hefty amount of SOL
According to Solana Compass, 48.6 million SOLs are in the hands of Alameda Research. It was previously revealed that Alameda had $1.2 billion in Solana on its balance sheet. Since then, the price of SOL has dropped 60 percent. Also, the 48.6 million SOL figure does not provide any certainty. Not the final known size of the company’s position. However, it alone represents 65.1 percent of all staking-locked SOLs. Also, in monetary terms, this volume is currently $700 million. So it represents 8.75 percent of Solana’s total token supply.
According to Solana Compass, Alameda’s staked, locked Solana tokens are unlikely to enter the market in the near future. The fact that FTX and its subsidiaries are in the process of bankruptcy and liquidation and such cases can take up to 10 years justifies this assumption. The story is Mt. It’s similar to the situation with Gox’s Bitcoin. However, Mt. Gox involved 140,000 BTC, or 0.66 percent of the total supply of the cryptocurrency. In Solana, on the other hand, there is a shortage of 8.75 percent of the total supply.
Warning from analyst to Solana investors over FTX
As we reported on Kriptokoin.com, the Solana ecosystem collapsed due to Sam Bankman-Fried’s exposure to the bankrupt cryptocurrency exchange FTX. For this reason, Solana has recently lost 50 percent of its value. Meanwhile, leading cryptocurrency exchange Biannce has announced that it will remove trading pairs of the Serum token, a project in partnership with FTX, Alameda Research, and Solana, to minimize the contamination spread by FTX.
Solana suffered a huge drop due to FTX’s investment in the project. It is currently around $14.2. Moreover, industry experts now suspect that Alameda Research’s transactions are behind the recent stall on the Solana Blockchain. Bitboy, for example, warns that Solana owners should sell their assets immediately. He adds that Alameda Research is money laundering and is under pressure with transactions during Blockchain pauses. Cryptocurrency analyst Bitboy used the following statements:
Every time Solana paused the Blockchain, Alameda Research was actually laundering money. They were coerced. If you are in Solana (SOL), lubricate the soles.
Solana outage: What happened?
On October 1, 2022, Solana Blockchain suffered a massive network outage due to misconfiguration on a single node. SOL is also known for pausing the process for hours due to issues with the support structure. It has faced multiple network outages so far. Austin Federa, Solana’s head of communications, dismissed claims of depreciation because “Blockchain doesn’t work that way.”
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