The Solana Foundation has lost over $180 million in cryptocurrency on FTX

The Solana Foundation has released a fact sheet detailing its exposure to FTX following its bankruptcy

The organization had more than $180 million in exposure to the company’s crypto assets on November 6, before the exchange stopped processing withdrawals.

FTT and SRM Holdings

By institution a report (Last updated Monday) Solana had nearly $1 million in cash on FTX as of November 6th. The nonprofit said the money is “negligible” for its operations and makes up less than 1% of its cash reserves.

However, the organization has lost a lot of crypto assets. Although there is no Solana (SOL) held on FTX, there are now approximately 3.43 million FTX (FTT) tokens and 134.54 million enterprise Serum (SRM) tokens locked on the exchange.

In addition, the group owns 3.24 million shares of FTX common stock.

According to CoinGecko, FTT was trading at over $22 at the time, while SRM was worth roughly $0.8 each. Based on the organization’s numbers, there are $75.46 million and $107.6 million exposure to FTT and SRM respectively.

FTT is an FTX token that provides its holders with reduced trading fees on the platform. Meanwhile, SRM is the governance of Serum — a scalability-focused DEX protocol launched by a consortium including FTX, Alameda Research, and the Solana Foundation.

Since the FTX crash, FTT has fallen to just $1.32, while SRM is trading at $0.32 as of Thursday.

Even SOL has suffered heavy losses, dropping below $15 this month, just outside the top 10 by market capitalization. Last November, SOL hit an all-time high of $259 each.

Despite these losses, Solana stated that her network “didn’t experience any noticeable performance or uptime issues” in the aftermath of the fallout. It is known that the blockchain has suffer Several outages in the past.

Tokens wrapped around Solana

Sollet Bitcoin – a tokenized version of Bitcoin on Solana – has lost its price link with the underlying cryptocurrency after the bankruptcy of FTX. Although FTX was responsible for holding the bitcoins backing these tokens, the balance sheet disclosure as of November 10 indicates that the exchange is holding Zero bitcoin on the asset side.

The Solana Foundation claims to have secured an additional $40 million in exposure to Sollet-based assets, such as soBTC, as of that date. “The status of the underlying assets is unknown at this time,” it added.

I noticed the ideal USDC and USDT In Solana it’s issued directly by Circle and Tether respectively, and remains fully bound at this point.

Solana Foundation Post Losing Over $180 Million in Crypto on FTX appeared first on CryptoPotato.

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