The FTX crypto exchange, despite being defunct, made a significant move by staking 5.5 million Solana (SOL), valued at $122 million. This action, reported by Think of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More tracking platform Whale Alert and confirmed by crypto analyst ashpool, was seen as a reassuring sign amidst worries of a potential liquidation of FTX’s substantial SOL holdings.
Previously, the bankrupt exchange had approval to liquidate its $3.4 billion crypto assets as part of a plan to pay off creditors, with Solana constituting the largest part of FTX’s crypto assets. However, FTX has shown its intent to hold onto its SOL investments for the time being, despite having previously unstaked and sold off a significant portion of SOL assets.
FTX remains a key player in the Solana ecosystem, owning 10% of SOL’s total supply. This news comes as SOL sees a 16% increase over the last month, despite worries linked to FTX’s status and rumors of potential liquidation.