$180 Million Lost of Solana Foundation on FTX

In the last few months, many incidents happened with cryptocurrency. This year was not good enough for crypto traders they experienced a lot of loss. The Recent event of FTX has created fear in the market. Because it was not only unprofitable for traders but also for the institutions. In, this incident Solana Foundation also loses $180 Million.

Recently Solana released a report in which they mentioned the loss they faced in the FTX bankruptcy.

According to his report, Solana had $180 Million in assets on the FTX before they closed the withdrawal of assets. The holding of Solana was in FTT and SRM. FTT is a utility token of FTX and SRM is and SRM is a governance token for the Serum.

The report that was released on Monday according to that report Solana has almost $1 million on the FTX. In reply to this report, the non-profit said this amount is nothing to affect Solana and it is less than 1% of its total reserves.

But the Solana Foundation actually loses too much more than that. According to a new report, Sol’s assets on FTX are worth $180 Million. Moreover, their holding in the FTT token of FTX was 3.43 million FTT, and in Serum 134.54 million SRM. The Serum token that belongs to Solana now ceased on FTX. In addition to this, Solana had shares of FTX on the stock exchange worth $3.24 million.

Before the FTX bankruptcy, the FTT token was selling for around $22 and SRM around $0.8. So, an estimation is that Solana had the FTT tokens worth $75.46 million and an SRM of $107.6 million.

Now, when the FTX fell down the Ftt went below $1.32 and SRM for $0.32 as of Thursday.

Solana also suffered a lot these days it went below $15 and there was a time when its all-time high was $258. At that time Solana’s prediction was to become the future Ethereum. But now it not only loses the price value but also the ranking eliminated the name from the top ten cryptocurrencies in terms of market cap.

In the report, Solana also added they had another $40 million in exposure to Sollet-based assets, such as soBTC till that date. They further that the Underlying Worth status is still unknown.

Muhammad Haroon
Muhammad Haroon
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