The FTX downfall severely affected Solana, a major cryptocurrency exchange. Recently, Solana reacted to FTX’s downfall. It released a letter that mainly detailed the risks of bankrupt crypto exchange FTX. Solana owned $180 million worth of digital assets before the exchange restricted the possibility of withdrawal on November 6, 2022.
As compared to the Proof-of-Work (PoW) blockchain Litecoin, the price of the Proof-of-Stake blockchain Solana went down. Solana lost half of its market value before the FTX bankruptcy. Representatives of Solana stated that the entity holds nearly $1 million (USD) on the crypto exchange. According to experts, this volume was insignificant and amounted to less than 1% of cash reserves.
Solana foundation stated, “This is less than 1% of Solana Foundation’s cash or cash equivalents and as such, the impact on Solana Foundation operations is negligible.”
According to reports, in spring FTX held nearly 3.43 million (USD) FTT tokens and 134.5 million (USD
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