Will Solana (SOL) Collapse?
- Halil Enes DAĞHAN
- Jan 9
- 1 min read
Many people wonder if the Solana (SOL) and blockchain could collapse because of connections with FTX.
Alameda Research, a hedge fund founded by FTX mastermind Sam Bankman-Fried, was a heavy investor in Solana Labs, the organization behind Solana, Forbes alleges. Forges claims Solana (SOL) was Alameda’s second largest investment. Alameda also invested heavily in Serum (SRM), MAPS (MAPS), and Oxygen (OXY) through the Solana blockchain, Forbes alleges.
The Solana team admitted they had around $1 million in cash and assets invested in FTX on 6 November 2022. However, Solana Compass estimates Alameda had a huge stake in Solana.
Solana and FTX
Alameda and FTX bought over 50.5 million SOL from the Solana Foundation, Forbes claims. The Solana Foundation is the organization that builds and maintains the Solana blockchain.
Conversely, Solana Compass admits “We don’t know which ones belonged to Alameda” when examining stake accounts. On 7 January 2023, Solana Compass estimates they withdrew 370 Solana Stake accounts associated with Alameda.