Blockchain security platform PeckShield revealed Tuesday that wallet addresses tied to the bankrupt crypto exchange FTX have moved over $13.5 million worth of SOL and nearly $4 million worth of USDT to crypto platforms Binance and Wintermute. The latest move comes amid SOL’s bullish trends over the past few weeks.
FTX’s Affiliation With Solana Continued?
FTX’s ties with the Solana network date back to 2020 when FTX founder and former CEO Sam Bankman-Fried (SBF) invested in the blockchain and its native cryptocurrency, SOL. Records show that the exchange has its SOL holdings estimated at over $1 billion accumulated under SBF’s leadership.
At the time of FTX’s debacle in November 2022, the Solana ecosystem took a big hit as several projects left the network to explore other blockchains. SOL’s price also took a severe downturn, dropping to as low as $9.
However, the network began recovering from its bearish trends over the past few months. As new Solana-based projects emerged, the blockchain’s overall performance improved, sparking an impressive uptrend. A recent metric confirmed that SOL holds the position of the best-performing cryptocurrency from the year’s start until date, superseding the biggest currencies such as BTC and ETH.
Under new leadership, FTX has struggled to regain its financial stance and replenish affected users. In September, the firm got a green light from a federal court to sell its crypto assets worth over $7 billion. Among these assets was $1.3 billion worth of SOL coins. This raised concerns among users that a massive sale of SOL coins would significantly affect the asset’s price.
Last month, the FTX Estate staked 5.5 million SOL coins, worth $122 million at the time. The action erased concerns about the assets sell-off as they were locked up.
Meanwhile, FTX’s intentions regarding the latest move of $13.5 million worth of SOL remain unknown and unspecified.
SOL Trades at $56
Impressively, FTX’s funds’ migration had no significant impact on SOL’s price performance. According to price tracking platform Coinstats, SOL trades at $56, a 37% uptrend over the past week and a whopping 158% increase over the past month.
