The Solana Foundation lost nearly $200 million in the epic crash of cryptocurrency exchange FTX, and says it remains an open question whether anything can be recovered after the bankruptcy.
According to a recently updated report, the Solana Foundation had approximately €1 million in cash, 3,43 million FTT tokens, and 134,54 million SRM tokens on FTX as of November 6, when the exchange stopped making customer withdrawals. .
Using prices just before the crash when FTT was trading at €22 and SRM around €0,8, these digital assets had a combined value of €183 million.
In addition, the Foundation also said that it owns approximately 3,24 million shares in FTX Trading LTD, the main corporate entity behind FTX.com. However, the loss of these shares is more difficult to assess since FTX was not a publicly traded company.
A funding round in early 2022 valued FTX at around €32 billion.
The Foundation noted in its report that it had no SOL tokens on FTX.com at the time of the crash. It also clarified that the $1 million in cash held on the exchange had a "negligible" impact on its operations, saying it represented less than XNUMX% of total cash reserves.
“In light of the Chapter 11 voluntary bankruptcy proceedings announced by FTX/Alameda on November 11, we do not know how these and other assets of FTX/Alameda will be liquidated following the Chapter 11 proceedings,” the Solana Foundation wrote in your press release. report on assets held in the stock market.
Solana and SBF
Solana and the surrounding ecosystem have been widely considered to be part of Sam Bankman-Fried's sphere of influence. And while there is no formal association, the former head of the stock exchange was an early investor in Solana through his trading firm Alameda Research.
Due to the perceived connection between Bankman-Fried and Solana, the price of SOL took a hit as the drama surrounding FTX unfolded.
During the FTX slide between November 6 and 9, the price of SOL fell more than 60% to a low of €12,37 on November 9. For comparison, Ethereum's native ETH token is down just over 30% over the same period.
At the beginning of this year, SOL was trading at a price of almost €180. The price at the time of writing this article was $14,2.
