Solana price has crashed on several occasions in the past week as traders await a ruling on FTX exchange’s plan to convert its crypto assets to fiat.
SOL price dropped 8% over the weekend as traders feared a mass sell-off of the altcoin by FTX’s estate. Solana
price declined nearly 6% as market participants feared a sell-off by FTX’s estate. Based on the data from Solscan, the value of all three publicly available FTX cold storage wallets is $1.5 billion on the Solana blockchain. Of these cryptocurrencies, FTX holds $128 million worth of SOL tokens, and traders fear that an inflow of these altcoins to exchanges could usher in downsideFTX’s bankruptcy plan, however, imposes certain conditions on the sale of assets, and it is highly unlikely that the exchange platform will shed all itsThe US bankruptcy court for the district of Delaware scheduled an Omnibus hearing on September 13.
BlockFi, a crypto lending firm with $1.2 billion in exposure to Samuel Bankman Fried’s FTX exchange and Alameda trading firm, recently received the nod from bankruptcy court to begin withdrawals for digital assets. The approval was subject to restrictions for eligible accounts. Earlier today, we opened withdrawals of digital assets from BlockFi Wallet accounts for eligible clients in accordance with the authorization provided by the Court in the Wallet Order:
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