The estate of now-defunct crypto exchange FTX was just spotted betting more than $144 million worth of Ethereum (ETH) rival Solana (SOL) as the company’s bankruptcy process unfolds.
According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research has created a new address stake of 5,546,217.04 SOL tokens.
Analysis from pseudonymous on-chain researcher Ashpool then suggests FTX deployed all tokens via Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital also staked via the platform.
On Solana, stakers currently earn around 7% APY (annual percentage return) depending on the betting platform, and the rewards are distributed every two or three days.
The FTX estate already owns about $1 billion worth of Solana, but much of it is locked up until 2028 as part of the vesting schedule agreement.
Solana co-creator Anatoly Yakovenko said last month that if he had the power, he would prefer if FTX’s SOL tokens were given directly to the failed exchange’s customers as part of a compensation plan.
“My wish would be to distribute the SOL directly to all FTX customers. Probably the least worst outcome for everyone…
And if it were distributed to 5 million users, the network would benefit in the long run. Win-win in my honest opinion…
It seems like it would have been a much faster process and with less legal overhead if everything was spread evenly across all users and each user could do whatever they wanted.
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Featured image: Shutterstock/Denis Starostin