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November 1, 2023

FTX's $58 Million SOL Mishap Adds Complexity to Ongoing Turmoil

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Amidst the ongoing turmoil enveloping FTX, a recent mishap has left a $58 million Solana (SOL) stranded in a staking account linked to the embattled crypto exchange. This incident adds another layer of complexity to the unfolding drama.

FTX's $58 Million SOL Mishap Adds Complexity to Ongoing Turmoil

The Glitch

On October 30th, FTX encountered a glitch while attempting to unstake 1.6 million SOL. As a result, the assets became frozen in the staking account, which also holds over $100 million in other crypto assets. This has raised questions about the initiator of the transaction and the feasibility of asset recovery.

FTX's Precarious Position

FTX is currently facing bankruptcy proceedings, with billions owed to creditors and assets scattered across various blockchains. The failed Solana unstaking further complicates the situation. Staking is an integral mechanism in proof-of-stake blockchains, and the inability to unstake SOL has created a predicament for FTX.

Solana's Market Performance

Despite the ongoing FTX saga, SOL has shown resilience in the market. Over the past 24 hours, SOL has experienced a 4.3% increase, a 15.1% surge in the past week, and an impressive 56.9% uptick in the previous 30 days. However, the attempted unstaking by FTX has raised concerns about the future stability of the asset. Market confidence appears to be wavering, as indicated by a drop in social engagement and bullish sentiment around SOL. The increase in AltRank suggests a potential downtrend in price.

In conclusion, the recent mishap involving FTX and the stranded $58 million SOL in a staking account has added complexity to the ongoing turmoil. FTX's bankruptcy woes, coupled with the glitch in unstaking SOL, have created a precarious situation. Despite SOL's strong market performance, concerns about its future stability and a potential downtrend in price loom. It remains to be seen how FTX will navigate these challenges and whether the stranded assets can be recovered.

About the author
Natasha Fernandez
Natasha Fernandez
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Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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