Topic: So since SOL is $60 - Means FTX is solvent again? (Read 470 times)

Great info right there mate, but yeah some are sceptical if the momentum will continue, since it is doing it since last time. So, let us exercise caution. There is still a rumour about the upcoming bull run. If it happens for real, then Solana could still recover and maybe reached a new ATH, like what is occurring to most of the cryptos.

But, you are right that it has nothing to do with FTX. I also doubt if they can recover because they owe a lot of money to their investors. That kind of scenario is not new, so it's crazy on why people won't still learn and continue to put their whole trust in the crypto exchanges. But I'm glad that some of us are not tired of reminding them about the hazards of doing so.

Today Sol success break out above to $118 and most highest price since get crashing exactly on the moment FTX exchange collapse, I don't sure with Solana coin success break out to higher price and get chance to make new all time high price will be solvent problem for FTX exchange. Actually their Sol coins holding have been sold before their exchange collapse, is not get connected between FTX and Solana coins how much price will raise up.

Less potential with exchange have been collapse will return or refund for their user, I don't think they have much money for recovering with how much their investors fund loss exactly MTGOX exchange ever announced will refund their bitcoin investor fund but still not yet until how many time with their promising.

SOL is just broke $100

Right before the Ftx collapse it was like $30.

Seems that they technically should be solvent by now, especially since most of the SOL is locked and they haven’t sold all of it.

Last week they sold like $1B worth of BTC. And the claims market is I think almost 70%. So if we are patient we might get back 100% however it will be in fiat terms not in crypto terms.

They tried to create pump games for FTX token, $FTT before selling tokens they have in leftovers of FTX crash, to pay to investors and customers.

People who bought FTT token months ago would be very bravely and if they hold the token more than one year, they are very confident with their decisions. Congratulate them if they got chance and actually took profit recent weeks. However if they are greed and want to wait for bigger profit, good luck for their greedy target.

Logically $FTT and $SOL tokens will be dumped for above reasons.

But when you file for bankruptcy, doesn't that mean that you have failed to meet your financial obligations and in this case any liabilities which means whatever assets you have will be liquidated to pay your debtors so that FTX starts off from a clean slate!

So meaning if FTX assets are sold to pay any debt to its name then it's finacial position hasn't moved from $1B to $6B as this might have changed hands ,unless we say debt was cleared and Sol and other crypto assets are still in their name then situation suggests they could be solvent...

And I think anyone with experience knows the rise is 2 reasons. Deliberate to recover losses for sure, but also don't for get BTC is more than 2x low price. When Bitcoin does well, all crypto does well. No surprise alts recover even more strongly than Bitcoin.

Just be careful, FTX is over but the repercussions stay, Bitcoin is what everyone needs to pay attention to.

7B is the amount of funds FTX manages to gather to compensate their customer but the actual number of funds that are claimed by customers is way higher than this. It is not only FTX but also Alameda that owns those sol which have a long token unlock schedule. It will be a gradual unlock of events and the real valuation can be higher than 6B as the OP says at the end if SOL manages to perform better than it is right now. It's recent pump shows it still has a community that is holding their bag even after all these comedy FTX and SOL had.

And there is nothing unusual in this, since there is always a group of investors behind any pump, which is its generator of movement, and in this case SOL is no exception. Except for them, no one knows to what level they have enough finances to continue pumping and at what level they will start selling.

If FTX were to sell SOL to cover all user funds and gain a place in the market again unfortunately this would be a very bad step for Solana and Solana investors. I think that it isn't possible to make such a high amount of sales at once and even a possible sales trial period will cause serious damage to Solana. In other words, Solana which is believed to have entered a bullish phase especially in the last few weeks, will unfortunately face a very serious loss of value even under these market conditions.

On the other hand, if all the grievances are resolved by using these funds and FTX starts its service again unfortunately there is no possibility of it regaining its former popularity. I don't think that investors or traders will choose FTX again as there has been a serious loss of reputation and trust due to the events we have experienced.

The previous FTX doesn't hold a thing right now, just like in the MtGox case, they appointed a CEO to run the business of recovering the assets and report to the court, that's John J. Ray duty at present, he has reported that 7 billion worth of coins and other assets, those coins exists that money is there, nobody would be insane to inflate those numbers as they don't care about it, 10 million recovered or 1 billion they are getting paid either way both him and Kroll they couldn't care less of FTX fate after their job is done.

So yeah, the coins are there, if there is one thing you can trust is that they still have them.


Who is "them"?
There is nobody from the former FTX in charge, the CEO is a bankruptcy specialist, he was the guy that was in charge of the Enron bankruptcy, there is nobody right now with any say in this process who has any interest in claiming bs, neither he nor Kroll don't hold shares in ftx, they don't own cryptos or anything related to (that's a mandatory legal requirement in this case), so stop seeing conspiracies everywhere.

It's a normal bankruptcy procedure that will go on just like Mtgox has, and right now as you can see from numerous articles and accounts tracking those coins they do have control of them and they are liquidating portions of them.
It's okay to be suspicious but going that much ahead you enter paranoia territory.



Solana went from $30 to $250 last bull run, it's still under %25 of its ATH while Bitcoin has crossed already 50%.
So nothing that special, the pump looks bigger because it crashed worse than others.

Price manipulation at it peak on Sol and nothing more. Prior to before this pump, there were news from Cointelegraph when FTX where given court order to liquidate sol on the September of this year 2023 and the price tank for 5% and after some days, it recovered and since then, the founders are doing what they know best and that is price manipulation. They are building up the mountain chart so that when they decide to dump, it wouldn't kill Solana price but either later or sooner, the sol under FTX management will be sold because people are waiting to be compensated for their losses.

Solana might be this special to some people that miss the last bull run but I will avoid buying it because it's full of speculations. Sam is in jail awaiting his last trial before they sent him off forever. The case of stolen funds and other misdeed of the employees, it will take at least a year before this is get straight because seems there is no future in this.

Another thing is that, only Solana is pumping, the liquidity is revolves around sol and not altcoins that are under it because if you look closely, Solana doesn't have liquidity to revive the dead altcoins as token under it, the trust is gone for good but who knows, it might come back like ethereum if they build it into something different and cut ties away from FTX.

I think Solana is indeed a good coin, because it was FTX's bad news that made everyone doubt, but slowly after FTX sold its SOL holdings people's confidence slowly returned because they had seen firsthand the news of FTX selling their SOL to pay customer debts, I don't know the real truth but my assumption is like that.

This is what we called price manipulation and yes this can be true especially to whales and big investors.
There are rumors about FTX in connection with SOL and we’ve seen how the price pumps from a single digit and rise to double digit value. Be careful with SOL because it might be the peak price already and we might see a big drop when the whales started to take profit, again if you are going to trade or hold better to always have your target price.

I have never seen the pumping of Solana like now, before that I was not even interested in buying our the Solana but now I think I should take only an entry in the Solana for a better profit.

But I don't think they have any intention of selling the Solana for their own benefits, thinking at the season of Solana, as we all know that when there is a season come of any coins the all the airdrops come on that chain and all the possibilities of the entire coin increases. Same in the case of Solana as we can think is another season of the Solana in which it is pumping hard and still we can expect from Solana it can again Touch to 100$ which is not so far as it has already crossed 60$.

maybe they bought solana first to increase the price, then will sell it once they feel that it has enough to sell, maybe they will take advantage of the last dip before the halving, which always happens, the market will go down before the halving and will go up after it for a year forward.
there are so many possibilities and I'm just sharing my thoughts.

I haven’t verified this because I couldn’t find the source but apparently people are buying Ftx claims for 65-70 cents pretty much. This is pretty recent. Which leads me to believe it due to the SOL price which could get Ftx out of bankruptcy.

The coin is still doing pretty good considering all that massive sell pressure it got from the Ftx bankruptcy trustee. At this rate it might head to the $75 area next month. None of this really makes sense. Seems like it was a great buy at $10.

Ah, so that's how it is. You see, lack of knowledge made me say those, LOL. Well jokes aside, I'm happy that you are doing well with your investment. Although it seems a good investment asset I will still try to be with Bitcoin. At this point I just feel like if I do my research about any other coin rather than Bitcoin, it will be a total loss for me. It's a waste of time and waste of money.

Just because you are making profit out of it doesn't mean I will be able to do the same. I'm not that capable to do my research on altcoins and make profit out of it. I am unable to follow the trend and sentiment attached to the market for profit making. I just don't get how it works. It is hard to keep up with every news.

Anyway, that's just how it is with me. You're doing a great job and I hope you can keep doing it in the future. Good luck.

Thanks for the honest assessment! I basically agree with you, if the founders are anonymous - as is the case with Bitcoin - that's another huge advantage. What is meant by "decentralized" at Kaspa - just like at Bitcoin - are the miners who keep the network alive. However, this applies to many PoW coins.

I made my investment in Kaspa quite early on, so it has definitely paid off in the meantime.

I've never heard of it, so maybe this is a new project they have been working on. Even if it follows the same path as Bitcoin which is being decentralized and proof of work also as you mentioned, no pre mind coin distribution to the team, it's still missing the big part which has made Bitcoin what it is today. The creator of Bitcoin is unknown. I'm in the identity of the Creator. No matter how much you try to make a thing decentralized, if the people behind the project are known, it will be hard to keep the coin decentralized.

Don't get me wrong, it's your investment plan and your asset. So you can do whatever you want with it. But just saying. If the person behind the project is known, powerful people can manipulate them or do something to take control over them and in that process take control over the project. And nowadays, it is really hard to find the legit project. Good luck with your investment though. Hope you find success. Cheers mate.

What happened in Solana is really surprising, when Sam Bankman Fried was arrested, Solana began to pump. What I am thinking is it could be either a manipulation just to drive the price of Solana up then they dump.
Or people are happy, all-natural, they are happy because Solana will be totally no connection anymore to FTX exchange.