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Topic: So since SOL is $60 - Means FTX is solvent again? (Read 500 times)

legendary
Activity: 3052
Merit: 1188
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.
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.
sr. member
Activity: 2086
Merit: 283
Vave.com - Crypto Casino
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.
legendary
Activity: 3808
Merit: 1723
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.

hero member
Activity: 2366
Merit: 838
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...
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.
hero member
Activity: 1834
Merit: 879
Rollbit.com ⚔️Crypto Futures
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...
legendary
Activity: 2674
Merit: 1226
Livecasino, 20% cashback, no fuss payouts.
I think the rises are deliberate to cover losses...

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.

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.
full member
Activity: 504
Merit: 212
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.
legendary
Activity: 2268
Merit: 1655
To the Moon
I think the rises are deliberate to cover losses...

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.
hero member
Activity: 1694
Merit: 629
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.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper.

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.

We can't trust them to tell the truth about their assets and their whereabouts.

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.


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.

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.
hero member
Activity: 980
Merit: 559
Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

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.
sr. member
Activity: 1148
Merit: 252
Undeads.com - P2E Runner Game
I don't sure with your assumption all trues, actually all SOL and FTT coins are sold by FTX exchange and there are less possibility hold both coins kinds and difficult to recovery exchange have indicate as scam. I don't know what good news make SOL and FTT coin up drastically exactly with SOL success raised drastically from current dropped price $10 and last day up until $60. Its difficult SOL can up drastically if FTX exchange still hold this coin, actually after raising up few percent they will sell and make SOL get correction drastically.

Looks FTX have sold out SOL and FTT coins, latest moment when both coins drop drastically its effect with  FTX sold with much coins current in their exchange account. I don't sure with opportunity FTX is solvent again although in the future SOL and FTT will raise to higher price or back to ATH price if that possibilities.


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.
sr. member
Activity: 2422
Merit: 357
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.
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.
sr. member
Activity: 1622
Merit: 270
Undeads.com - P2E Runner Game
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 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$.
sr. member
Activity: 1190
Merit: 267
Undeads.com - P2E Runner Game
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.
legendary
Activity: 3808
Merit: 1723
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.
sr. member
Activity: 1008
Merit: 366
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.
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.
legendary
Activity: 2520
Merit: 3054
Enjoy 500% bonus + 70 FS
[...]
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.
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.
sr. member
Activity: 1008
Merit: 366
However, there are now altcoins such as Kaspa, which I follow with great interest: Decentralized, PoW, no pre-mine and no initial coin distribution to the team. In addition, there is a really interesting technical approach that has the potential to replace Litecoin as "Bitcoin Silver".

This should absolutely not be interpreted as a shill and certainly not as an investment recommendation: DYOR
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.
legendary
Activity: 2534
Merit: 1397
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.
hero member
Activity: 868
Merit: 952

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

OP was saying that Solana had anything to do with the collapse but rather FTX as a company invested a lot into Solana and OP is like since the price has increased to above 3x then they could have more funds to at least pay back the customers which is not possible according to the information on the amount they owed.

What you also meant to say is pumping is the FTT coin which is also hugely invested into by FTX exchange. The coin was actually believed to be developed by the exchange and as such was down the the exchange collapsed ( one of the reason to avoid Alticoins). Right now it is following the market trend and pumping which means people are still buying them.
legendary
Activity: 2520
Merit: 3054
Enjoy 500% bonus + 70 FS
[...]
I have lost faith in altcoins because they are centralized shit. There will be still people trusting those projects but for me, I'm done with it.
Basically I agree with you and see it the same way, I personally only hold very few altcoins that I also stake so that I can take part in the network - at least somehow.
However, there are now altcoins such as Kaspa, which I follow with great interest: Decentralized, PoW, no pre-mine and no initial coin distribution to the team. In addition, there is a really interesting technical approach that has the potential to replace Litecoin as "Bitcoin Silver".

This should absolutely not be interpreted as a shill and certainly not as an investment recommendation: DYOR
member
Activity: 412
Merit: 10
Among all the coins during the bull market which I think has arrived I have only see the most pumped coin in this bull runs till now that is Solana (SOL) which have its own utilities. And also when their are more airdrops on the Blockchain of the Solana the price of Solana has been increasingly since it was around 20$ but now we are seeing the price has been increased massively and now it is 60$+ which is a huge price after having a bad market condition previously and suddenly increase came and it has given users much benefits.
sr. member
Activity: 1008
Merit: 366
We can't trust them to tell the truth about their assets and their whereabouts.
So be very cautious in tapping the related projects surrounding FTX platform.
Some may show good progress but we don't know what's really going on behind those curtains.
If you invest, better keep your eyes on what they have to say and the actual developments.
Don't give them too much credibility as at the end of the day they don't care about your portfolio.
I just want to say, everything you have said here proves that in order to be in business, you need to have people's trust. Without it, you cannot become successful or stand back up after falling. Once you mess it up, it is hard to gain the trust again and grow your business. For FTX, they have messed up big time. Even if something is backed up by them, people will find it hard to trust them again and follow it.

Rest assure, I'm not going to invest anything into it. The only thing that I focus is Bitcoin and I will stay with it. I have lost faith in altcoins because they are centralized shit. There will be still people trusting those projects but for me, I'm done with it.
hero member
Activity: 896
Merit: 654
Leading Crypto Sports Betting & Casino Platform
Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.
You are correct with this connection, FTX had over $1.16B in SOL and it means that they would have multiples of this right now that SOL is seriously performing. Recently, they've transferred $102 worth of SOL to exchanges in tranches, and that could mean only one thing, they are better liquid than before and that money transferred to exchanges is obviously for the taking.

Quote
So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?
FTX and some government bodies have been able to manage the situation better than MtGox and the current event is actually pointing to the fact that more money will be available. The rest depends on how FTX would maximize the situation.
hero member
Activity: 2744
Merit: 588
I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper. If they're about to sell their holding, The price would eventually go down as many people with them will start to sell. That could lead to a huge price dump that good potentially decrease the total value of their holding.

But just to think that they can overcome this situation with only one coin makes it illogical. Then need other kind of backups in order to fix the damage that has been caused. I just want to clarify one of my doubts. Is it their personal holding or does it also includes assets from their customers? If it's their own, then they might be able to fix a little bit of damage but in order to fill the whole gap then need a lot more than this.

We can't trust them to tell the truth about their assets and their whereabouts.
So be very cautious in tapping the related projects surrounding FTX platform.
Some may show good progress but we don't know what's really going on behind those curtains.
If you invest, better keep your eyes on what they have to say and the actual developments.
Don't give them too much credibility as at the end of the day they don't care about your portfolio.
sr. member
Activity: 1008
Merit: 366
I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper. If they're about to sell their holding, The price would eventually go down as many people with them will start to sell. That could lead to a huge price dump that good potentially decrease the total value of their holding.

But just to think that they can overcome this situation with only one coin makes it illogical. Then need other kind of backups in order to fix the damage that has been caused. I just want to clarify one of my doubts. Is it their personal holding or does it also includes assets from their customers? If it's their own, then they might be able to fix a little bit of damage but in order to fill the whole gap then need a lot more than this.
legendary
Activity: 1316
Merit: 1089
Goodnight, o_e_l_e_o 🌹
Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.
We know the lost was severe and as well as the liquidation. The improvement in the sol price has however augmented the losses of FTX and if not that the tokens are locked, a nice hype and campaign from here could mean a better thing on the long run.

Also, I do not think that any government intervention is needed to rescue FTX . Only what is needed is a major bull run to put many things to order.
hero member
Activity: 1554
Merit: 762
...Those might be their liabilities but what are their assets? ..

You will find the answer to your question here: https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2

...It is a fake pump games to dump FTT token on greed speculators.

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

I think the rises are deliberate to cover losses. People have been scammed and they should know that the old days will not return. I wish the surge was real, but I think this surge is being done by the whales affected by Ftx to cut their losses. In addition, although the value of Ftx in dollar terms has increased, the defi volume is bad.
In recent days, the increase in Sam backed coins such as Solana and Ftx is suspicious. It is highly likely that we will see Rugpull. Of course, you can make money by trading such ponzi projects, but keep in mind that such coins are highly centralized, backed projects and can take all the profits in a few days.
sr. member
Activity: 868
Merit: 326
It was the opposite actually. People thinks FTX has to do with the collapse of SOL because it is said that Sam or its company have invested lots of SOL. Before the FTX collapsed, the crypto market is already in a bearish phase but maybe the issue have cause them to suffer more. That always happens whenever there is a negative news especially here in the crypto world, as some people can panic and sell their coins.

Other cryptos have already shown an increase even before, but indeed this seems a fresh air for the SOL users. Like you said earlier, SOL has nothing to do with the FTX, so I wouldn't hope anymore that my money will still be returned by those greedy individuals.
Yes, this is like a domino effect. When Bitcoin falls significantly, of course altcoins also follow suit. Especially SOL, which at that time FTX also had a lot of savings, the news spread and there was FUD on SOL. When everyone panicked and sold out, SOL finally fell into freefall.

This was a disaster for SOL, because their FTX became a victim, but once again SOL proved a solid team that survived the onslaught of the bearish market.

Are you have a funds at FTX? I'm sorry about what you're experiencing.

If they are planning to come back, they must settle their debts first and maybe people will be happy and give them another chance.

I don't think it's that easy, even if they replace FTX's top officials and management, of course this will still be awkward and the trauma that still exists will hold someone back from dealing with FTX again.
legendary
Activity: 2128
Merit: 1657

FTX bankruptcy is already selling SOL. They have been liquidating assets for the past few months. However with SOL you need to realise that many of those are still locked and cant be sold yet. They have been selling ETH and BTC also. This is pubic record pretty much and if you follow the discussion on the bankruptcy you can see it there.

Yes they will dump almost all the SOL when its unlocked but I guess since the market is rallying it still doesn't really care it seems.


The amount sold so far is miniscule compared to its overall holdings:

https://decrypt.co/204289/solana-plummets-ftx-linked-address-moves-sol-kraken-binance

FTX holds at least over 55 million Solana (and probably much more in undisclosed wallets but that's another story), not even 1 million SOL has been moved to exchanges so far from FTX confirmed addresses over the last month, so the expected bearish potential has not substantially come into play yet...
legendary
Activity: 2772
Merit: 1127
$SOL had nothing to do with the collapse of FTX. FTX collapsed because its own internal members committed fraud, especially the CEO. They use customer money, isn't this the root of their problem until they go bankrupt? Maybe this is also what caused crypto prices to collapse at that time.
It was the opposite actually. People thinks FTX has to do with the collapse of SOL because it is said that Sam or its company have invested lots of SOL. Before the FTX collapsed, the crypto market is already in a bearish phase but maybe the issue have cause them to suffer more. That always happens whenever there is a negative news especially here in the crypto world, as some people can panic and sell their coins.

Other cryptos have already shown an increase even before, but indeed this seems a fresh air for the SOL users. Like you said earlier, SOL has nothing to do with the FTX, so I wouldn't hope anymore that my money will still be returned by those greedy individuals.

If FTX stands up again I'm sure there won't be many people coming to the exchange, because trust has been lost. Why go into the same trash hole again?
If they are planning to come back, they must settle their debts first and maybe people will be happy and give them another chance.
legendary
Activity: 3808
Merit: 1723
If news got out that FTX is starting to sell SOL, it might have a catastrophic effect on the currently bullish trend,

Best thing for them to do is to compensate the customers not in USD amount but in crypto assets they were holding at time of bankruptcy, to convert it to USD is a huge disservice to innocent customer base...

Regardless, they will need to be very cautious in selling and spread it out for as long as possible, but so far I don't see any indication that any party involved with this case has customer interests as a priority, instead further shady American institutions and middle men are trying to extract as much money as possible from the FTX corruption, as evidenced by the 100 million USD + legal fees the bankruptcy firm handling FTX charged recently:

https://economictimes.indiatimes.com/markets/cryptocurrency/lawyers-land-700-million-bounty-from-crypto-collapse/articleshow/103409800.cms

FTX bankruptcy is already selling SOL. They have been liquidating assets for the past few months. However with SOL you need to realise that many of those are still locked and cant be sold yet. They have been selling ETH and BTC also. This is pubic record pretty much and if you follow the discussion on the bankruptcy you can see it there.

Yes they will dump almost all the SOL when its unlocked but I guess since the market is rallying it still doesn't really care it seems.
hero member
Activity: 2366
Merit: 838
Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.
Distributions by whales will be done slowly and it takes them time like months to complete their distribution. It's hard to realize when they complete their distributions but when it was done, it's time for bear that takes a long time before a new bull run game will be played.

Accumulation will not be completed shortly after distribution completion so if we join it too soon, we will waste our time when game won't be immediately kicked off by whales. By this logic, if anyone got profit with FTT token, it's time to cash out, buy Bitcoin and don't touch this token again in next 3 to 6 months. I would like to wait for 6 months before looking at FTT token again.
hero member
Activity: 2212
Merit: 805
Top Crypto Casino
What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

FTX held a large chunk of sol tokens so much that it was even rumored that FTX spearheaded that solana run to as high as $250 at the peak og of the bull market. That was why SBF was always biased towards Solana projects and even launched a few sub projects like project serum. At the time the bankruptcy was announced, FTX still had plenty of sol on its balance sheet so you should get an idea of how much FTX was on the affairs of solana.



FTX is not solvent yet. It would take more than $60 sol or even $100 — but they're planning a reboot so it sol price appreciating only gives the new team plenty of room to recover fast.
legendary
Activity: 2268
Merit: 1655
To the Moon
...Those might be their liabilities but what are their assets? ..

You will find the answer to your question here: https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2

...It is a fake pump games to dump FTT token on greed speculators.

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.
hero member
Activity: 1652
Merit: 569
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Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX
sr. member
Activity: 868
Merit: 326
$SOL had nothing to do with the collapse of FTX. FTX collapsed because its own internal members committed fraud, especially the CEO. They use customer money, isn't this the root of their problem until they go bankrupt? Maybe this is also what caused crypto prices to collapse at that time.

The increase in the price of $SOL and other crypto has actually created a breath of fresh air for fund owners who are still involved in FTX, who until now hope to get their money back.

If FTX stands up again I'm sure there won't be many people coming to the exchange, because trust has been lost. Why go into the same trash hole again?
legendary
Activity: 2128
Merit: 1657
If news got out that FTX is starting to sell SOL, it might have a catastrophic effect on the currently bullish trend,

Best thing for them to do is to compensate the customers not in USD amount but in crypto assets they were holding at time of bankruptcy, to convert it to USD is a huge disservice to innocent customer base...

Regardless, they will need to be very cautious in selling and spread it out for as long as possible, but so far I don't see any indication that any party involved with this case has customer interests as a priority, instead further shady American institutions and middle men are trying to extract as much money as possible from the FTX corruption, as evidenced by the 100 million USD + legal fees the bankruptcy firm handling FTX charged recently:

https://economictimes.indiatimes.com/markets/cryptocurrency/lawyers-land-700-million-bounty-from-crypto-collapse/articleshow/103409800.cms
hero member
Activity: 2366
Merit: 838
When trust of customers, investors is broken, your business reputation is damaged and nearly can not get it back 100%.

FTX went bankruptcy because of their CEO's fraudulent activities to use customers money without permissions and without any report to FTX customers transparently about shady activities.

Changpeng Zao with his tweets can trigger a death spiral of FTX and months later, many people lost money, lost their life because SBF, FTX and FTT token can not fully recover or become solvency again.

If victims are struggling to return to normal life, how FTX exchange can become solvency again?

It is a fake pump games to dump FTT token on greed speculators.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
As of September 11, 2023, FTX claims totaled $81 billion, of which customer claims totaling $16 billion and non-customer claims totaling $65 billion. So the increased cost of SOL and FTT will not be able to cover all the losses of the exchange.
FTX assets and liabilities are shown in the chart below -  - https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2.

It claims, which the IRS estimated at that value, there is no way they will manage to get all the money from FTX with that claim, the funny thing is that it even considered failed capital gains taxes on the sums that were deposited on FTX, there is no way in hell any judge will agree with that.
It's IRS tactic as always, they file claims to every possible thing to have what to cut back when they are denied one after the other.
Besides, even that is nothing compared to the 1.7 trillion Blockfolio is asking for  Grin

Every single one of those including the claims between Ftx and Alameda will be dismissed one by one, contract claims, litigation claims, they will be lucky to get 5% of that value.

Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.

Not really, think of MtGox, BTC was priced at 20k last November before FTX closed, it's up almost 100%, they had recovered crypto assets worth 6.2 billion at November prices, double that, and once can think of getting even more (in $ terms of course) than it had at that time.

legendary
Activity: 3808
Merit: 1723
I forgot about that IRS claim. However why is it that claims are selling for 50 cents on the dollar recently, before SOL started to pump and before that Gensler comment that Ftx might reboot.

Those might be their liabilities but what are their assets? From Nov 2022 I remember they were like $7B in the hole and that’s why CZ refused to purchase the exchange because there was a big hole.

hero member
Activity: 1218
Merit: 608
I don't sure with your assumption all trues, actually all SOL and FTT coins are sold by FTX exchange and there are less possibility hold both coins kinds and difficult to recovery exchange have indicate as scam. I don't know what good news make SOL and FTT coin up drastically exactly with SOL success raised drastically from current dropped price $10 and last day up until $60. Its difficult SOL can up drastically if FTX exchange still hold this coin, actually after raising up few percent they will sell and make SOL get correction drastically.

Looks FTX have sold out SOL and FTT coins, latest moment when both coins drop drastically its effect with  FTX sold with much coins current in their exchange account. I don't sure with opportunity FTX is solvent again although in the future SOL and FTT will raise to higher price or back to ATH price if that possibilities.
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!

Oh F***

I didn't know about all these things. All I knew is they were short of around $7B, and that's all. I am curious how non-customers (organizations) were giving them money for operating a business that is not even worth that much. Look at the amount dude! But as far as I understand, those amounts were never verified and were all based on assumptions.

So, should we take this chart seriously? I don't know. I am not a customer of FTX. $9.2 Billion assumed to be invalid? What about the IRS? If this chart is legit and those claims legitimacy were verified, then f***.
mk4
legendary
Activity: 2870
Merit: 3873
📟 t3rminal.xyz
Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.
legendary
Activity: 2268
Merit: 1655
To the Moon
Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. ..

As of September 11, 2023, FTX claims totaled $81 billion, of which customer claims totaling $16 billion and non-customer claims totaling $65 billion. So the increased cost of SOL and FTT will not be able to cover all the losses of the exchange.
FTX assets and liabilities are shown in the chart below -  - https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2.


 
hero member
Activity: 1904
Merit: 541
Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

Whatever you say is your assumption, you know that in this kind of industry that we live in, the market is very unpredictable. Anything can happen through pump and dump, just like what happened to the doge, which only happens through pump and dump.

It's a pity that I didn't buy SOL last year to save it; it was still a bit difficult for me to establish a profit during those times. Now, in FTT, it is not my priority right now; maybe if I have more allocation budget for that thing, I can buy it.
legendary
Activity: 3808
Merit: 1723
Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?
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