<\/p>\n
The bankrupt cryptocurrency exchange has staked close to $170 million in several crypto assets, including Solana, Ethereum, and MATIC.<\/p>\n
Blockchain data revealed that the defunct platform has staked over 5.5 million SOL and more than 24K ETH.<\/p>\n
Staking is primarily the practice of locking up cryptocurrencies on a blockchain network to support it and earning token rewards, mainly at a predetermined rate.<\/p>\n
\n#CryptoNews<\/a>: Over 5.5 million #Solana<\/a> (SOL) were sent by an #FTX<\/a>-identified wallet to #Figment<\/a>, a staking validator service catering to institutional investors. \ud83d\udc40https:\/\/t.co\/gSXPVBeGwz<\/a><\/p>\n
\u2014 CoinMarketCap (@CoinMarketCap) October 16, 2023<\/a><\/p>\n<\/blockquote>\n
According to blockchain data, FTX has staked approximately 5.5 million SOL, valued at around $122 million, into the Figmen network. This strategic move is anticipated to yield significant returns, with an estimated annual yield of 6.79%, potentially resulting in compounded tokens worth $8 million over time.<\/p>\n
In terms of the 24K ETH tokens, valued at $37.4 million, FTX has directly staked these assets onto the Ethereum network based on transaction details. As of now, the estimated return stands at 3.4%, equivalent to $1 million worth of Ethereum.<\/p>\n
In addition to SOL and Ethereum, reports indicate that FTX has also staked MATIC, the native token of Polygon. Approximately $9.5 million worth of MATIC has been staked. However, current data analytics suggest<\/a> that only around 13.5 million MATIC, valued at approximately $6.8 million, has been staked so far, with a capped return of 4.6%.<\/p>\n
The analysis of the tokens reveals that the amounts were primarily held in addresses controlled by FTX\u2019s sister company, Alameda Research.<\/p>\n
The relationship between Solana and FTX dates back to the pre-bankruptcy era, during which the exchange held approximately $1.16 billion worth of SOL tokens at one point.<\/p>\n
Court Battles Continue<\/h2>\n
The recent staking activities by FTX are a result of a recent ruling where the U.S. Bankruptcy Court for the District of Delaware granted the exchange permission to invest and hedge its crypto holdings worth $3.4 billion.<\/p>\n
As per reports, the holdings included $685 million in Solana tokens, $529 million in FTT, $268 million in Bitcoin, and $90 million in ETH. The exchange also held some amounts in Polygon, Aptos, XRP, Dogecoin, and certain stablecoins.<\/p>\n
Another legal battle involving FTX continues, this time being that of the failed exchange\u2019s former head, Sam Bankman Fried. The ex-CEO is charged<\/a> with fraud and misappropriation of billions in customers\u2019 funds.<\/p>\n
In fact, in the recent proceedings, FTX\u2019s ex-lead engineer, Nishad Singh, highlighted<\/a> some significant questionable money and investment decisions made by FTX under the leadership of SBF.<\/p>\n
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