Solana’s SOL is down much further than any of the other major cryptocurrencies today, all of which are down badly following the sudden unraveling of the wildly fast growing crypto exchange FTX on Tuesday. Axios reports: Blockchain principles aim to instantiate the ideals of decentralization. That is, no single points of failure. Blockchain realities, though, show that each community tends to have its major leaders. For Solana, one of those was definitely FTX’s c0-founder, Sam Bankman-Fried (SBF). SBF has long been bullish on Solana, including working to build Serum, an order book style exchange that runs in a decentralized fashion. His firms are rumored to have owned a substantial amount of the total SOL supply.
FTX and Alameda Trading are in trouble. If they hold large amounts of SOL, they are very likely to exit those positions, which will tank SOL price. CoinDesk reported on Nov. 2 that Alameda had
- post author: BeauHD