Solana (SOL) Labs Didn’t Have Any Assets on FTX, Says Co-Founder
Solana’s co-founder, Anatoly Yakovenko stated on Twitter that, the company still has a lot of runways and is fortunate to have a small workforce because Solana Labs, a US corporation, didn’t have any assets on FTX.com.
But the market remains concerned that Alameda Research may sell huge SOL and other tokens in the Solana ecosystem.
Solana Labs, a US corp, didn’t have any assets on https://t.co/nL7jEmgrVT, so we still have tons of runway, and luckily still a small team.
— toly 🇺🇸 (@aeyakovenko) November 9, 2022
Solana’s Connection to FTX Saga
FTX and its sister firm Alameda Research are two major backers of Solana. It was reported that SOL is Alameda’s second-largest holding after the FTX token (FTT).
According to a copy of Alameda’s balance sheet, the company has $41 million in “SOL collateral,” $863 million in “locked SOL,” and $292 million in “unlocked SOL.” Approximately $1.2 billion worth of SOL tokens are held by the company.
There might be a chance that, Alameda liquidates its SOL holdings to raise more funds due to FTX’s impending debts.
Price Shows No Sign Of Recovery
On the other side, the Solana (SOL) price has been severely affected by the FTX situation as Alamada Research is invested in the blockchain project.
Over the last few days, the Solana price fell nearly 52%. As of writing, Solana’s (SOL) price stands at $14.93, down around 42% in the last 24 hours.
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- Breaking: U.S. Government Shuts Down After Congress Fails to Pass Funding Bill
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
