Over 5.5 million Solana (SOL) were sent by an FTX-identified wallet to Figment, a staking validator service catering to institutional investors.
Over 5.5 million Solana (SOL) were sent by an FTX-identified wallet to Figment, a staking validator service catering to institutional investors. This substantial stake, valued at $122 million, represents a small portion of FTX's total SOL holdings.
A US court recently approved FTX's $1.3 billion SOL sale, raising fears about huge selling pressure on FTX-owned assets. To avoid market disturbance, the FTX estate is working with Galaxy Digital as an investment adviser. FTX holds $3.4 billion in various digital assets, including Bitcoin and Ethereum.
Meanwhile, Sam Bankman-Fried, FTX's co-founder, is facing a trial in a Manhattan district court on charges of fraud and conspiracy, potentially resulting in a 115-year prison sentence if convicted.
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