The coins were delegated to a wallet address that could be verified as belonging to the FTX estate using a Solana validator.
According to on-chain statistics provided by SolanaFM, the FTX estate staked approximately 5.5 million Solana (SOL) coins, with a total value of $122 million, from one of its primary wallets on the Solana blockchain earlier today.
The assets and debts of the FTX are included in the estate, which is managed by a bankruptcy trustee. The trustee is in charge of collecting assets and distributing them to whoever is owed money.
Each month, a portion of the SOL set aside for the FTX estate becomes vested, allowing the estate to sell them if they so choose.
Investors in cryptocurrencies have already worried that the estate may sell up its huge Solana holdings if the coins were to become released. The newest move by the FTX estate, however, alleviates such worries.
In a court document submitted on September 11, 2023, the FTX estate claimed to have recouped about $7 billion.
Over $1 billion in Solana (SOL) tokens, most of which have been staked, and $560 million in Bitcoin (BTC) are among the company’s tradable crypto assets. The estate also disclosed $1.9 billion in non-cash assets, including $200 million in Bahamas real estate.
Sam Bankman-Fried, the bankrupt exchange’s former CEO, is being sued and will soon go on trial for fraud.
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