News - $122 million in Solana tokens staked by FTX

By Mike Hesp

$122 million in Solana tokens staked by FTX

Solana (SOL)

FTX officials have tied up 5.5 million SOL tokens, with a proportional value of $122 million. The tokens represent only a small fraction of SOL tokens held by FTX.

Officials in charge of FTX's secure crypto assets apparently staked 5.5 million SOL tokens on Oct. 14. This is according to on-chain data.

According to this data, the crypto whale tracker "Whale Alert" identified a large deposit at the strike provider Figment, which could later be assigned to an FTX wallet.

The deposit amounts to about $122 million, but represents only a small portion of the $1.3 billion in SOL tokens FTX owns. Much of this property will not be held until the to be unlocked in the coming years.

In September, FTX received approval in principle for more than liquidate four billion dollars in secured crypto assets To compensate customers.

Mike Novogratz's company, Galaxy Digital, is in charge of this. In addition to selling up to $200 million a week, Galaxy may alternatively invest the assets in DeFi.

The locked-in tokens make the sale of its stake in FTX stock less likely, alleviating some of the downward pressure on the SOL price.

Consequently, in the wake of the news, the Solana token reacted with a price increase of more than three percent in the past 24 hours.

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