The FTX bankruptcy estate has recently taken a significant step by staking over 5.5 million Solana (SOL) tokens, which holds a value of an impressive $122 million. This action, which has been brought to light through on-chain data from blockchain explorer SolanaFM and reported by The Block, involves one of the exchange’s main Solana blockchain wallets.
It has been observed that one of the wallet addresses associated with the FTX estate has delegated the token holdings to Figment, a well-known network validator for staking. ‘ashpool’, an on-chain analyst on X, was one of the first to notice this development.
The Role of the FTX Estate
“The FTX estate encompasses all of the exchange’s assets and liabilities at the time of its bankruptcy filing.”
– on-chain analyst ‘ashpool’
In the context of FTX’s bankruptcy, the estate manages all the assets and liabilities of the exchange upon its filing for bankruptcy. A trustee oversees the recovery of assets and their distribution to creditors.
It is important to note that a significant portion of the SOL allocated to the FTX estate becomes available on a monthly basis according to the vesting schedule, providing the estate with the opportunity to sell these assets if it deems fit.
There were concerns within the crypto community that the estate would liquidate its substantial SOL holdings, particularly when the tokens became unlocked. However, the recent staking action undertaken by the FTX estate seems to have alleviated these concerns.
Implications on FTX and the Trial against Sam Bankman-Fried
This development has arisen amidst the trial of Sam Bankman-Fried, the disgraced former CEO of FTX, who currently faces fraud charges. FTX was widely recognized as a prominent supporter of Solana, with Bankman-Fried being an outspoken advocate for the blockchain project.
Despite the legal proceedings, the FTX estate still holds approximately $1.1 billion worth of SOL, according to court documents.
