FTX Dumps Solana (SOL) to Secure $2 Billion for Creditors, Sparks Outrage

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6 Apr 2024

Story Highlights

FTX sold a large chunk of Solana tokens (SOL) at a discount to raise money for creditors.
Big investment firms bought most of the discounted SOL, which will be locked up for 4 years.
FTX also moved a lot of other cryptocurrencies around, and the exchange's ex-CEO is in jail for fraud.

A recent report from Bloomberg has shaken the cryptocurrency world, revealing a huge sell-off of Solana (SOL) by the bankrupt FTX exchange. Selling more than half of its SOL tokens at a whopping 63% discount from current market prices, FTX managed to rake in nearly $2 billion for its creditors.

Read on to find out the who, what, why, and why this matters for the future of Solana.

Big Players Step In

In the midst of this chaos, big names in the investment sphere such as Galaxy Trading, Pantera Capital, and Neptune Digital Assets seized the opportunity to acquire significant amounts of FTX’s SOL stake. Galaxy Trading secured an impressive $620 million worth of SOL tokens, while Pantera Capital invested $250 million. Neptune Digital Assets also got in on the action, purchasing 26,964 SOL tokens at a rate of $64 each.

So, what’s the controversy about?

However, FTX’s decision to sell between 25 to 30 million locked-up SOL coins at $64 each has sparked controversy. With SOL’s current trading price sitting at $176, concerns about potential losses have arisen, leading to accusations of property rights violations against FTX’s liquidators. Critics argue that selling the assets at such significant discounts disadvantages creditors, fueling dissatisfaction among those affected by the exchange’s downfall.
Four-Year Wait for Redemption?
Despite the hefty sum of $1.9 billion earned from the sale, FTX’s move to lock up a significant portion of SOL tokens for four years has stirred further controversy. While the intention is reportedly to repay creditors, the decision has faced widespread criticism from victims like Sunil Kavuri, who criticized the sale for “destroying billions of value for FTX creditors.”
Also Read: Crypto Market Prediction: Cardano (ADA), XRP, and Solana (SOL) to Hit $1 Trillion Market Cap?

Understanding Asset Movements

Recent on-chain data sheds light on cryptocurrency movements associated with FTX and Alameda. Notable transfers totaling approximately $15 million include 1,000 ETH to Coinbase, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coin (WBNB) to Binance. These transactions hint at significant activity amidst the turmoil.
Further investigation reveals addresses linked to the troubled exchange moving around $105.9 million worth of 19 different altcoins to intermediary wallets. Subsequently, approximately $16 million across 13 different assets found their way into centralized exchanges. Notable transactions involve GateChain’s 3.17 million GT tokens, valued at about $31.3 million, alongside significant transfers of LEO and VIC tokens, among others.

Fried Meets His Fate

Furthermore, the former CEO of FTX, Sam Bankman-Fried, was recently sentenced to 25 years in prison on fraud charges related to the exchange’s collapse in November 2022. Creditors have filed a class action against Sullivan and Cromwell, alleging their involvement in the fraud before representing FTX during bankruptcy proceedings.
Read More About This: The Final Chapter of FTX Saga: Sam Bankman-Fried Sentenced to 25 Years
FTX’s SOL selloff: genius move or epic fail?
Altcoins

5 Must-Buy Cryptocurrencies Before the FOMO Wave Hits Everyone

With the 2024 bull run underway, investors are eager to find the next coins that promise significant returns. Knowing which cryptocurrencies to invest in before they become the talk of the market is crucial. This article highlights five such cryptocurrencies that have the potential to deliver strong gains and could incite a widespread buying frenzy if caught early. The focus is on providing insights to help navigate the expanding market, where timing is everything in capitalizing on emerging opportunities.

BlastUP Goes Viral, Raising $4 Million in a Few Weeks

BlastUP, the premier launchpad on Blast, has recently made waves in the crypto world with its stunning debut, raising $4 million in just a few weeks. Many smart investors are rushing to buy BlastUP tokens before their value skyrockets.
Holders of BlastUP tokens may benefit from a number of privileges including participation in an Airdrop , exclusive loyalty rewards for participating in IDOs, and the ability to earn interest through staking.
BlastUP stands out from the crowd in the crypto world. Backed by Blast, the sixth largest blockchain by TVL, it offers genuine utility as a launchpad for DApp ventures. With its motto Grow faster, earn more, BlastUP is dedicated to propelling the success of blockchain startups. Those who join BlastUP now become part of a project poised to become the next big thing in this bull run.
>> Buy BlastUP tokens before they skyrocket <<

Solana Weathers Market Swings, Holds Potential

Solana’s market presence is showing mixed emotions among investors. Recently, there’s been a lot of up and down movement in its value. Despite some falls in price, the general trend points to growing interest, with more people putting their money in Solana over the past several months. The fact that its price hasn’t fallen below a key psychological level suggests that supporters are staying put for now.
The crypto community sees the strength in Solana’s technology. Its ability to handle many transactions swiftly and its friendly approach to developers are gaining attention. This could mean more dapps choosing Solana’s network over others. As more projects take root on the platform, those holding SOL may find the coin becoming more valuable since it’s the key to everything on Solana.

Is Optimism’s Market in a Slump or Poised for a Rebound?

The crypto community has their eyes on Optimism’s token price which has seen some turbulence. Skepticism seems to be prevailing with recent downward trends. The market appears hesitant, often a precursor to cautious trading. However, glimpses of a potential comeback are evident as the token strives to regain lost ground.
Optimism’s future could swing either way, given its governance-driven approach and enticing incentives for ecosystem contributors. The promise of a sizeable token distribution to projects on the blockchain shows the platform’s commitment to growth and innovation. This strategic move could entice new builders and participants, possibly leading to a more dynamic phase for the token.

Aptos Price Fluctuates Amid Market Uncertainty

The Aptos token price has been moving up and down recently. It has seen highs and lows, facing tough points where it could drop, and points where it might rise higher. While some short-term measures suggest Aptos has been weak, long-term changes don’t rule out a big swing upwards.
Aptos is a new blockchain that is supposed to be fast, cheap, and easy to fix or improve. It uses the same way of reaching agreement as other big chains but was made by some of the people who worked on a project from a big tech company. Aptos is built to handle a lot of activity and uses a new kind of code for its contracts, which might attract more people to its network.

NEAR Protocol Shows Promising Market Mood

The current market sentiment toward NEAR Protocol is quite positive. This optimism is evident as the price movements have been majorly upward in the recent period. The enthusiasm can be partly attributed to NEAR’s innovative approach to solving common issues in blockchain technology. Its use of sharding, for instance, aims to increase transaction speeds and overall network efficiency.
Investors appear to be responding well to NEAR Protocol’s technical foundations and the strong team behind its development. With significant funding support from top venture firms, NEAR is positioning itself as a serious player in the decentralized application space. Its unique solutions like Nightshade sharding and the Rainbow Bridge indicate a forward-thinking approach, which may further inspire confidence and attract attention in the competitive crypto market.

Conclusion

As the bull run of 2024 unfolds, certain currencies like SOL, OP, APT, and NEAR may not promise immediate high returns, but they still hold value for those looking at less immediate gains. Amidst these options, BlastUP stands out for its strong concept and integration within the Blast ecosystem. This project shows the highest potential for growth, making it a compelling pick for individuals looking to invest before the widespread rush of interest.

Disclaimer and Risk Warning

This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.

With $2 Million Presale Milestone Inching Closer, Poodl Inu (POODL) Looks All Set For 10x Growth

In the midst of an extraordinary crypto bull run, numerous fascinating tokens are positioned to reshape the market landscape. These projects showcase remarkable growth prospects, capable of leaving a profound impact on both their respective industries and the overall market dynamics. Among them, Poodl Inu (POODL), a meme coin distinguished by its unique charm, emerges as a standout contender with significant transformative potential.

The excitement surrounding Poodl Inu is steadily mounting, hinting at a potential shift towards mainstream adoption. You’ll receive an in-depth understanding of Poodl Inu here, including its ecosystem, tokenomics, roadmap, and pertinent details regarding its presale.

Poodl Inu Stuns Meme Coin Market

Poodl INU, renowned for its meme-inspired charm, emerges as a standout competitor in the market, flaunting a robust and unique presence. The enthusiastic conversations surrounding Poodl INU, combined with the heightened excitement surrounding its presale, highlight its distinct identity as the “ultimate canine sensation post-Doge,” positioning it as a frontrunner in its specific domain.
In its endeavor to surpass Dogecoin’s dominance in the meme coin arena, Poodl INU incorporates enticing staking incentives, a community-driven ethos, and visually appealing aesthetics. Described by the team as embodying an “IDGAF” attitude and boasting “remarkable aesthetics,” it is likened to a “wave on four legs.”
Investors acquiring the POODL token immediately gain access to staking opportunities, earning rewards and participating in meme-centric initiatives promptly. This rapid functionality not only facilitates swift reward accumulation but also empowers investors to contribute to community expansion and ignite enthusiasm surrounding the POODL token and its associated venture.
Poodl INU further underscores its distinctiveness through its notably modest initial market cap, allowing ample space for growth. As the first dog-themed meme coin in quite some time, it emerges as a contender poised for significant accomplishments. The project’s momentum is anticipated to escalate with additional listings, indicating promising prospects for its trajectory.
Clearly, this project encapsulates the essence of an engaging meme coin and more. The swift investment during the presale underscores its promising potential. Now, let’s delve into the intriguing specifics of the presale, which, it must be noted, has been enjoying quite a bark-worthy experience.

$2 Million Getting Ever Closer For POODL Presale

The Poodl Inu (POODL) presale has sparked excitement among cryptocurrency investors, fueled by a comprehensive global marketing campaign aimed at making a substantial impact in the market. Anticipation suggests that this excitement will only escalate over time, positioning it as a project worthy of immediate participation.
Having raised an impressive sum of nearly $1.8 million already, POODL currently trades at $0.000885 and operates on the Ethereum blockchain, boasting a total token supply of 6.9 billion. The presale allocation is divided as follows: 50% for the presale, 30% for staking, 10% for DEX liquidity, and the remaining 10% designated for marketing efforts.
The project’s roadmap is meticulously outlined across three distinct phases:
1. Presale and Staking: The initial phase prioritizes rewarding stakers with enticing incentives.
2. Exchange Debut: Phase two involves listing the token on exchanges, supported by robust marketing strategies and additional staking incentives.
3. Ecosystem Expansion: The third phase aims to foster community growth and establish dominance within the meme coin niche.
While current prospects appear promising, there is significant room for growth. Investors are advised to closely monitor the presale as prices are expected to increase. Exciting developments lie ahead, indicating the potential for exponential growth for this project.
Undoubtedly, this project emerges as a significant contender within the meme coin niche, offering a distinct perspective. Investor interest in the POODL presale signals high expectations. With anticipation mounting, remarkable achievements can be anticipated from this meme coin in the near future, as evidenced by the enthusiasm displayed by cryptocurrency enthusiasts.

Conclusion

Poodl INU (POODL) distinguishes itself within the meme coin landscape. Over the past year, there has been a surge in the emergence of new tokens in this category. With its presale gaining traction, significant interest from diverse segments of the crypto community is evident. We highly advise exploring the project, contemplating involvement in the presale, and actively participating in its social media channels.
Check Out Poodl INU

Disclaimer and Risk Warning

This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.