These assets cannot be sold and are not in circulation

​More than $660 million in SOL tokens come under the control of Alameda liquidators

29.11.2022 - 12:15

92

2 min

What’s new? According to Solana Compass, 48 648 493 SOL tokens worth about $663 million are currently in the hands of liquidators of the trading firm Alameda Research, part of the bankrupt FTX Group. These assets are locked up and are not in circulation, so they cannot be sold. However, because FTX Group filed for Chapter 11 bankruptcy, these tokens now belong to the liquidators.

Solana Compass’ data

What else is known about the situation? Since Alameda owed users of the FTX crypto exchange, the locked SOL actually belong to the affected customers. Since these tokens are now involved in legal proceedings, they may not circulate for many years even if they are unlocked. In addition, these SOL may be locked up for more than 10 years until the FTX bankruptcy proceedings are over.

As of November 29, 12:15 UTC, SOL is trading at $13,59, having gained 0,74% per day, according to Binance.

What is going on with Solana? One of the biggest blockchain investors is Alameda. On November 22, analysts at Santiment recorded a massive short of SOL on the Binance crypto exchange, when the asset’s rate fell by 63% in just under four days.

According to the Solana Foundation’s report, the network lost more than $180 million due to the collapse of FTX. The organization stored approximately 3,43 million FTX’s (FTT) coins and 134,54 million Serum (SRM) coins on the platform, which are now locked on the exchange.

For what will happen to the Solana ecosystem after FTX’s collapse, read GetBlock Magazine’s article.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy