<\/figure>\n\n\n\nThe Solana community continues to face challenges as the foundation overseeing the blockchain network has detailed its financial ties to the now-bankrupt FTX empire and founder Sam Bankman-Fried, which comes on the heels of the foundation’s previous defense of its relationship with FTX.<\/p>\n\n\n\n
In a blog post, the Solana Foundation revealed that it had approximately $1 million worth of cash or equivalent assets on FTX as of November 6th, before the site stopped processing customer withdrawals. These assets are now stuck on the platform, pending the results of FTX’s bankruptcy proceedings.<\/p>\n\n\n\n
The foundation also holds approximately 3.24 million shares of FTX Trading LTD common stock, along with about 3.43 million FTT tokens and 134.54 million SRM tokens from decentralized exchange Project Serum.<\/p>\n\n\n\n
This disclosure of the extent of Solana’s financial ties to FTX and Bankman-Fried’s projects, despite the foundation’s previous defense, explains why the collapse of FTX has had such a significant impact on the price of SOL over the past week.<\/p>\n\n\n\n
As of this writing, SOL is down 57% over the past week at a current price just below $14. The foundation also noted that around $40 million worth of “Sollet” assets (wrapped Solana versions of major cryptocurrencies) are impacted by exposure to FTX, as those assets had been backed by the exchange, and the status of the underlying assets is currently unknown.<\/p>\n\n\n\n
About the author<\/strong><\/strong><\/p>\n\n\n\nJoe Pan is contributing editor for NFTmetta.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
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