Solana – a crypto that’s otherwise known as SOL to its personal holders – continues to shed value given it’s so tied to the fallen crypto exchange FTX and its disgraced head executive Sam Bankman-Fried.
Solana Isn’t Doing Too Well
FTX je currently in the process of filing bankruptcy. Sam Bankman-Fried is accused of lending out approximately $10 billion in user funds to his other company Alameda Research, which was supposed to be a separate and independent entity from FTX. By conjoining them through loan activity, he broke several agreement terms and is now awaiting trial for fraud and other charges.
He is in California at his parents’ home. The pair have signed a $250 million bond pledging their home and other personal assets as collateral should SBF choose to flee the country. Two other close friends have also pledged their assets to the bond requirement.
The Securities and Exchange Commission (SEC) – which is presently engaged in a civil suit against SBF and FTX – has stated:
Bankman-Fried je organizirao ogromnu, višegodišnju prijevaru, preusmjeravajući milijarde dolara sredstava klijenata trgovačke platforme za svoju ličnu korist i za razvoj svog kripto carstva.
Solana has deep ties to the fallen exchange and has since crashed by more than 96 percent since reaching an all-time high during the month of November 2021. During that time, it was trading for just shy of $260 per unit. At the time of the FTX bankruptcy, the currency had fallen to less than ten dollars.
Solana’s ties to FTX are so deep that it’s often dubbed “Sam Coin” in Čast Sam Bankman-Fried (više nije tako velika čast). Imovina ima veze sa kripto berzom na lancu poznatom kao Serum, koju je takođe kreirao Bankman-Fried. Solanu izdaje Solana blockchain, koji se trenutno bavi decentralizovanim finansijskim (defi) protokolima i nudi monetarne proizvode kao što su krediti i hipoteke.
Not long ago, Solana was considered one of the most promising digital assets on the market, though things have certainly taken a nasty turn with the recent collapse of FTX. Still, there are some that claim it has a lot of potential, one of those being Vitalik Buterin. As the co-creator of Ethereum, Buterin recently stated on social media:
Neki pametni ljudi mi kažu da postoji ozbiljna zajednica pametnih programera u Solani, a sada kada su užasni oportunistički ljudi s novcem isprani, lanac ima svijetlu budućnost. Teško mi je to reći izvana, ali nadam se da će zajednica dobiti poštenu priliku da napreduje.
Could His Words Lend a Hand?
It’s unclear if this will help boost the currency’s prospects with traders.
Given Buterin’s present standing in the industry, it’s likely to do something, though things remain bearish at press time.
Source: https://www.livebitcoinnews.com/solana-continues-to-crash-due-to-ftx-ties/