Solana reveals ties with FTX and Alameda
There are very active days in the crypto money community. In this context, a new development continues to come every day.
U.S. stocks closed lower on Monday after two Federal Reserve officials reiterated the Federal Reserve's stance on reducing inflation. Officials stressed that although they were optimistic about a possible gradual increase in early December, the Central Bank would remain committed to reducing inflation to levels consistent with its 2% target.
Solana reveals ties with FTX and Alameda
Things seem to be unraveling a bit in the cryptocurrency markets. Major cryptocurrencies rallied on Monday after Binance CEO Changpeng Zhao announced plans to launch a recovery fund for industry players affected by the FTX collapse. Bitcoin has formed more solid ground above the $16.5k level after a 4.6% rebound in the past 24 hours. Ethereum surpassed Bitcoin with a 5.6% increase in the same range and climbed above the $1,200 level. Mid-to-large-volume altcoins have turned green, with QNT leading the way with a massive 28% increase over a similar period.
While many crypto projects have had issues with the FTX collapse, Solana has taken a bigger hit than many projects. In a blog post updated Monday, the Solana Foundation outlines Bankman-Fried's financial ties to the crypto empire. According to this post, he explains that nearly $1 million worth of assets are stuck on the FTX platform. The Solana team also added approximately 3.24 million with 3.43 million FTT tokens (7-day loss at -92.8%) and 134.54 million SRM tokens (7-day loss at -62.4%) from the DEX project serum. He owns the FTX stock. Also, 50.5 million SOLs from the Solana Foundation were acquired by FTX and Alameda Research, but a significant portion of them are locked in monthly unlock programs going back to 2028.
