Solana Loses About $180M In Crypto On FTX

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In light of FTX’s bankruptcy, The Solana Foundation has published a fact sheet outlining its exposure to the company.

As of November 6th, right before the exchange stopped processing withdrawals, the organization held exposure to the company in the amount of over $180 million in cryptocurrency assets.

The foundation’s report, which was last updated on Monday, states that as of November 6th, Solana had about $1 million in cash on FTX. The non-profit claimed that this money, which made up less than 1% of its cash reserves, was “negligible” to its operations.

However, the firm lost much more in cryptocurrency assets. No Solana (SOL) tokens were kept on FTX, however, the foundation now has access to approximately 3.43 million FTX (FTT) tokens and 134.54 million Serum (SRM) tokens.

A further 3.24 million shares of FTX common stock were held by the organization.

At that time, FTT was trading for about $22, whereas SRM was worth about $0.8 per unit, according to CoinGecko. According to the foundation’s calculations, that amounts to exposure to FTT and SRM of $75.46 million and $107.6 million, respectively.

The utility token for FTX, or FTT, offered holders lower trading commissions on the marketplace. The governance token for Serum, a DEX system that focuses on scalability and was introduced by a group that included FTX, Alameda Research, and the Solana Foundation, is SRM.

FTT has decreased to just $1.32 since FTX’s demise, while SRM is currently trading for $0.32 as of Thursday.

Even SOL has experienced significant losses; it has dropped below $15 this month and is now outside the top ten cryptocurrencies in terms of market valuation. SOL reached an all-time high in November of last year of $259 apiece.

Solana said that their network had not “seen any noteworthy performance or uptime concerns” as a result of the repercussions, despite these losses. There have reportedly been numerous outages on the blockchain in the past.

The Fate Of Solana’s Wrapped Tokens

After FTX filed for bankruptcy, Sollet Bitcoin, a tokenized form of Bitcoin on Solana, lost its price peg to the main cryptocurrency. FTX was in charge of keeping the Bitcoin that supported those tokens, but according to November 10th balance sheet disclosures, the exchange had no Bitcoin on its asset side.

As of that time, the Solana Foundation asserts to have retained a further $40 million in exposure to Sollet-based assets, including soBTC. It said, “At this point, the status of the underlying assets is unknown.”

The nonprofit organization pointed that that USDC and USDT on Solana are currently fully pegged and are directly issued by Circle and Tether, respectively.