{"id":148157,"date":"2023-09-02T04:18:55","date_gmt":"2023-09-01T22:48:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=148157"},"modified":"2023-09-02T04:18:55","modified_gmt":"2023-09-01T22:48:55","slug":"solana-co-founder-says-ftxs-sol-should-be-distributed-to-customers-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solana-co-founder-says-ftxs-sol-should-be-distributed-to-customers-crypto-news\/","title":{"rendered":"Solana Co-Founder Says FTX’s SOL Should Be Distributed to Customers – Crypto News"},"content":{"rendered":"
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Collapsed crypto exchange FTX\u2019s new management might be on the verge of dumping its huge <\/span>Solana (SOL)<\/span><\/a> holdings, based on the movement of tokens from wallets\u2014and the protocol\u2019s co-founder has a \u201cwin-win\u201d solution in mind.<\/span><\/p>\n

Data shared on Twitter <\/span>shows<\/span><\/a> that FTX cold storage wallets, further identified via blockchain explorer Solscan, started to move its SOL yesterday.\u00a0<\/span>Multiple cold storage FTX wallets collectively hold nearly 7 million SOL, blockchain data <\/span>shows<\/span><\/a>. That\u2019s about $134 million worth of the asset at today\u2019s prices.\u00a0<\/span><\/p>\n

The Solana Foundation last year <\/span>disclosed<\/span><\/a> that it and Solana Labs had collectively sold FTX and its sister trading firm Alameda Research a total of 58,086,686 SOL\u2014today worth $1.1 billion. It isn\u2019t clear how much SOL the collapsed crypto giant still held at the time of its November bankruptcy filing.<\/span><\/p>\n

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Analysts, including crypto venture capitalist Adam Cochran, <\/span>speculated<\/span><\/a> about the recent cold storage moves on the social media platform, with Solana co-founder Anatoly Yakovenko chiming in<\/a> to say that he\u2019d prefer the SOL was dished out to ex-FTX customers.\u00a0<\/span><\/p>\n

\u201cMy wish would be to distribute the SOL to all the FTX customers directly,\u201d he said. \u201cProbably the least worse outcome for everyone.\u201d\u00a0<\/span><\/p>\n

He went on to say that \u201cgetting [SOL] distributed to 5 million users would benefit the network over the long term,\u201d and that \u201cit would probably have the best outcome\u201d if users were able to have control of the assets and sell their share at a Dutch auction. He described the plan<\/a> as a “win-win.”<\/span><\/p>\n

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If each user had the option to <\/p>\n

1. Take the even split
2. Sell their share in a Dutch auction
3. Bid into the Dutch auction with a priority over external bids<\/p>\n

It would probably have the best outcome for the whole user base. Just rip the bandaid off with the least amount of\u2026<\/p>\n

\u2014 toly \ud83c\uddfa\ud83c\uddf8 (@aeyakovenko) August 31, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Yakovenko and the Solana Foundation did not immediately respond to <\/span>Decrypt<\/span><\/i>\u2019s request for comment, and FTX\u2019s new management did not confirm that it was planning to sell the SOL.\u00a0<\/span><\/p>\n

Former FTX customers are waiting to get their assets back after the exchange went belly up last year.<\/span><\/p>\n

Before it went bankrupt, the digital asset behemoth FTX had deep ties to Solana, the 10th-largest cryptocurrency by market cap. FTX co-founder and former CEO Sam Bankman-Fried had been a prominent Solana supporter<\/a>, and the company <\/span>launched a marketplace for Solana NFTs<\/a> and also invested in numerous Solana-related projects.<\/span><\/p>\n

FTX <\/span>went bankrupt<\/span><\/a> in November 2022 due to alleged criminal mismanagement.\u00a0<\/span>Around $8.7 billion in customer cash was allegedly misappropriated, prosecutors allege, and Bankman-Fried <\/span>faces 13 criminal charges<\/span><\/a> after his arrest last year.\u00a0<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Collapsed crypto exchange FTX\u2019s new management might be on the verge of dumping its huge Solana (SOL) holdings, based on the movement of tokens from wallets\u2014and the protocol\u2019s co-founder has a \u201cwin-win\u201d solution in mind. Data shared on Twitter shows that FTX cold storage wallets, further identified via blockchain explorer Solscan, started to move its […]<\/p>\n","protected":false},"author":2,"featured_media":148159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-148157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=148157"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148157\/revisions"}],"predecessor-version":[{"id":148169,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148157\/revisions\/148169"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148159"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}