FTX Stakes About $170 Million in SOL, ETH, and MATIC Amidst SBF’s Trial

The bankrupt cryptocurrency alternate has staked near $170 million in a number of crypto property, together with Solana, Ethereum, and MATIC.

Blockchain knowledge revealed that the defunct platform has staked over 5.5 million SOL and greater than 24K ETH.

FTX Transfer to Staking

Staking is primarily the observe of locking up cryptocurrencies on a blockchain community to help it and incomes token rewards, primarily at a predetermined price.

#CryptoNews: Over 5.5 million #Solana (SOL) had been despatched by an #FTX-identified pockets to #Figment, a staking validator service catering to institutional traders. 👀https://t.co/gSXPVBeGwz

— CoinMarketCap (@CoinMarketCap) October 16, 2023

In keeping with blockchain knowledge, FTX has staked roughly 5.5 million SOL, valued at round $122 million, into the Figmen community. This strategic transfer is anticipated to yield important returns, with an estimated annual yield of 6.79%, probably leading to compounded tokens value $8 million over time.

By way of the 24K ETH tokens, valued at $37.4 million, FTX has straight staked these property onto the Ethereum community based mostly on transaction particulars. As of now, the estimated return stands at 3.4%, equal to $1 million value of Ethereum.

Along with SOL and Ethereum, reviews point out that FTX has additionally staked MATIC, the native token of Polygon. Roughly $9.5 million value of MATIC has been staked. Nevertheless, present knowledge analytics suggest that solely round 13.5 million MATIC, valued at roughly $6.8 million, has been staked to date, with a capped return of 4.6%.

The evaluation of the tokens reveals that the quantities had been primarily held in addresses managed by FTX’s sister firm, Alameda Analysis.

The connection between Solana and FTX dates again to the pre-bankruptcy period, throughout which the alternate held roughly $1.16 billion value of SOL tokens at one level.

Courtroom Battles Proceed

The current staking actions by FTX are a results of a current ruling the place the U.S. Chapter Courtroom for the District of Delaware granted the alternate permission to take a position and hedge its crypto holdings value $3.4 billion.

As per reviews, the holdings included $685 million in Solana tokens, $529 million in FTT, $268 million in Bitcoin, and $90 million in ETH. The alternate additionally held some quantities in Polygon, Aptos, XRP, Dogecoin, and sure stablecoins.

One other authorized battle involving FTX continues, this time being that of the failed alternate’s former head, Sam Bankman Fried. The ex-CEO is charged with fraud and misappropriation of billions in prospects’ funds.

In reality, within the current proceedings, FTX’s ex-lead engineer, Nishad Singh, highlighted some important questionable cash and funding choices made by FTX beneath the management of SBF.