The Solana ecosystem is struggling since the collapse of FTX and Alameda Research. Now on-chain data reveals that around 48,636,772 Solana tokens worth $643M, are currently in the hands of Alameda Research liquidators.
Solana Compass states that these are locked SOL tokens, thus cannot be sold and are not in circulation. Since FTX and Alameda filed for Chapter 11 bankruptcy, these tokens now belong to liquidators.
Solana Compass added that Alameda’s deeply in debt to FTX users, therefore these SOL coins do not really belong to Sam Bankman-Fried anymore but to the users affected.
Since these tokens are now embroiled in legal matters, these SOL tokens may not be circulating for years even if it gets unlocked. It may be locked for more than 10 years until the FTX bankruptcy proceedings are over.
Two weeks back, Solana Foundation revealed it has approximately 3.43 million FTT tokens and 134.54 million SRM tokens stranded on FTX. The largest asset listed on the FTX balance sheet was $2.2 billion in SRM, and the hack on the exchange pushed down SRM prices.
Infamous crypto influencer BitBoy stated that Alameda Research held transactions when the Solana blockchain was paused.
He also issued a warning, advising individuals with investments in Solana to sell their assets. BitBoy said Alameda Research used some transactions to launder money when the blockchain was down.
The value of the SOL token took a hit among all these issues. At the time of writing, SOL is trading at a price of $13.70.
