FTX estate, a prominent player in the cryptocurrency market, has shown bullishness towards Solana’s native token, SOL. On October 13, FTX staked over 5.5 million SOL coins, worth $122 million, through Figment, a staking validator firm. This move was detected by blockchain tracker Whale Alert and confirmed by on-chain researcher Ashpool. Staking involves locking up coins for a specific period, and in return, stakers receive rewards for securing the network.FTX’s interest in SOL is not surprising, as the exchange was an early investor in Solana. It receives a significant volume of unlocked SOL every month, which it can choose to liquidate at any time. However, FTX estate, overseen by a bankruptcy trustee, primarily focuses on recovering assets for the exchange’s creditors.In September, concerns arose among SOL holders when a U.S. court approved the sale of $1.3 billion in SOL from FTX. To prevent a drastic price slump, the court mandated the sale to occur in weekly batches through an investment adviser. This decision led to a two-month low for SOL’s price.FTX holds a substantial amount of digital assets, including SOL, Bitcoin, Ether, Aptos, and other cryptocurrencies, totaling $3.4 billion. Since filing for bankruptcy protection in November, the exchange has recovered over $7 billion, as per court filings.Meanwhile, FTX co-founder Sam Bankman-Fried is currently facing trial in a Manhattan district court on charges of fraud and conspiracy. If convicted, he could potentially face a lengthy prison sentence.In a volatile market, protecting one’s crypto assets becomes crucial. Experts and Bitcoin OGs provide insights and strategies to navigate through such market conditions.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	Sam Bankman-Fried
Companies	Whale Alert, FTX estate, Ashpool, Solana, Figment
Currencies	Solana
Securities	None