In FTX, which went bankrupt in November 2022 and its founder and executives went to prison, the new management Solana once again opened the wallet lock. The stock market removed 178 thousand 631 SOL tokens worth approximately $30 million from the stake. Last month, a $24 million Solana sale was made last month.

That’s how the panic started

During the periods when the FTX exchange continued its activities, it was known to hold a significant amount of assets on the Solana blockchain. The beginning of the bankruptcy actually came with the emergence of this news. FTX’s self-produced FTT token (not Solana-based) and the fact that it has no significant assets other than Solana products was the first blow that started the panic mood.

The sale will come

It is certain that FTX will sell the SOL tokens it has removed from the stake, but these sales will not create a serious sales pressure on Solana. The exchange usually makes these sales through Binance and Coinbase exchanges.

FTX, whose creditor payment plan was recently approved, has 7.09 million SOL tokens worth $1.1 billion in stake.

SBF, who was sentenced to 25 years in prison, is also known to be a supporter of Solana in recent years. SBF tweeted that he gave buying advice when the SOL price was around $3.

Solana is traded at about $140.