Recent blockchain data shows that FTX currently holds a significant amount of Solana in cold wallets. The number is indeed huge. It is worth exactly $138.53 million. This important SOL stash is notable, especially as FTX’s new management seems to be in action.
FTX transfers $5.5M Solana SOL to Ethereum
Blockchain records show that the new management of FTX initiated the movement of a significant portion of Solana SOL. It also shows that it has transferred $5.5 million worth of altcoins to Ethereum (ETH). Given the turbulent recent history of the stock market, 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
Controversy surrounding FTX’s key Solana assets continues to gain momentum. Accordingly, Solana’s co-founder Anatoly Yakovenko weighed in with a potential solution. Yakovenko proposes a ‘win-win’ outcome where $138.53 million worth of SOL tokens 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. He 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 FTX shares. Accordingly, he proposes that they participate in a Dutch auction for potential sales.
On the other hand, according to the on-chain analysis platform Arkham Intelligence, the amounts of token transfers made over the Wormhole bridge are also given. Accordingly, there are also tokens besides Solana. There are 266.56 Wrapped BNB (WBNB) worth $57,000 in numbers. There is also 131,000 SXP (SXP) worth $32,000. On the other hand, there are 406,000 Uniswap (UNI) tokens worth $1.78 million. In addition, 1.2 million FTX Tokens (FTT) worth $ 1.2 million were the subject of transactions.
Other tokens other than Solana
Apart from Solana, token transfers include 2,000 Chainlinks worth $12.7k and Acropolis 683,000 worth $11.4k. On the other hand, there are 1.9 million Aleph Zeros (ALEPH) worth $1.4 million and 5.4 million Terra (LUNA) worth $2.1 million. In addition, 1.5 million Frontier tokens worth $240,000 were among the cryptocurrencies sent. Finally, there is 924,000 Sushi worth $549,000 and 9 million HXRO worth $1.3 million.
These significant token transfers have sparked widespread speculation that FTX may initiate a token liquidation process. There is a possibility that FTX will carry out a token liquidation to cover user assets. Therefore, this raises concerns about a potential market drop when we look at cryptokoin.com.
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