The bankrupt cryptocurrency exchange, FTX has staked
crypto assets worth $150 million in Solana's SOL and Ethereum (ETH). Blockchain
addresses connected to the crypto exchange show that over 5.5 million SOL,
valued at $122 million, and over 24,000 ETH, worth $30 million, have been
staked, Coindesk reported.
Staking involves locking up cryptocurrencies on a
blockchain to assist in maintaining the network, and, in return, participants
receive token rewards. This move by FTX is expected to yield a return as the
crypto exchange's Founder, Sam Bankman-Fried (SBF), faces trial.
FTX Eyes Millions in Returns from Staking
FTX's SOL tokens were staked on Figment, a popular
staking platform. Here, the staked amount is expected to earn an annual return
of 6.79%. This could potentially result in over $8 million in compounded SOL
tokens over time. Meanwhile, transactions on ETH show that the cryptocurrency was
staked directly on the network, with an annual return of 3.4%, translating
to around $1 million in ETH tokens.
#CryptoNews: Over 5.5 million #Solana (SOL) were sent by an #FTX-identified wallet to #Figment, a staking validator service catering to institutional investors. đź‘€https://t.co/gSXPVBeGwz
— CoinMarketCap (@CoinMarketCap) October 16, 2023
FTX's connection to Solana dates back to its early
investment in the blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Read this Term network. As of September 2023, FTX held assets in
SOL worth USD $1.16 billion, as reported in a court filing. This connection
with Solana influenced FTX's decision to explore staking
Staking
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Read this Term.
Last month, the US Bankruptcy Court for the District
of Delaware granted FTX's permission to liquidate, invest, and hedge its crypto
holdings, valued at $3.4 billion, Finance Magnates reported. This
ruling followed a request from the exchange's legal team to authorize the sale
of digital assets, citing the benefits of hedging and generating returns for
investors.
FTX's Crypto Holdings
According to FTX's initial proposal, part of these
holdings included USD $685 million in locked Solana tokens, USD $529 million in
FTT tokens, USD $268 million in Bitcoin, and USD $90 million in ETH.
Additionally, the exchange has substantial holdings in Aptos, Dogecoin,
Polygon, XRP, and stablecoins.
Meanwhile, SBF's trial is in its third week. In the latest
development, his defense team submitted highlights of
the entrepreneur's diagnosis of attention-deficit hyperactivity disorder and his prescribed medication, Adderall, to Judge Lewis Kaplan. The team said that during the two-week
trial, SBF had only been allowed to take this medication once in the early
morning, causing concerns about his ability to concentrate as the trial
progressed.
The bankrupt cryptocurrency exchange, FTX has staked
crypto assets worth $150 million in Solana's SOL and Ethereum (ETH). Blockchain
addresses connected to the crypto exchange show that over 5.5 million SOL,
valued at $122 million, and over 24,000 ETH, worth $30 million, have been
staked, Coindesk reported.
Staking involves locking up cryptocurrencies on a
blockchain to assist in maintaining the network, and, in return, participants
receive token rewards. This move by FTX is expected to yield a return as the
crypto exchange's Founder, Sam Bankman-Fried (SBF), faces trial.
FTX Eyes Millions in Returns from Staking
FTX's SOL tokens were staked on Figment, a popular
staking platform. Here, the staked amount is expected to earn an annual return
of 6.79%. This could potentially result in over $8 million in compounded SOL
tokens over time. Meanwhile, transactions on ETH show that the cryptocurrency was
staked directly on the network, with an annual return of 3.4%, translating
to around $1 million in ETH tokens.
#CryptoNews: Over 5.5 million #Solana (SOL) were sent by an #FTX-identified wallet to #Figment, a staking validator service catering to institutional investors. đź‘€https://t.co/gSXPVBeGwz
— CoinMarketCap (@CoinMarketCap) October 16, 2023
FTX's connection to Solana dates back to its early
investment in the blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Read this Term network. As of September 2023, FTX held assets in
SOL worth USD $1.16 billion, as reported in a court filing. This connection
with Solana influenced FTX's decision to explore staking
Staking
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Read this Term.
Last month, the US Bankruptcy Court for the District
of Delaware granted FTX's permission to liquidate, invest, and hedge its crypto
holdings, valued at $3.4 billion, Finance Magnates reported. This
ruling followed a request from the exchange's legal team to authorize the sale
of digital assets, citing the benefits of hedging and generating returns for
investors.
FTX's Crypto Holdings
According to FTX's initial proposal, part of these
holdings included USD $685 million in locked Solana tokens, USD $529 million in
FTT tokens, USD $268 million in Bitcoin, and USD $90 million in ETH.
Additionally, the exchange has substantial holdings in Aptos, Dogecoin,
Polygon, XRP, and stablecoins.
Meanwhile, SBF's trial is in its third week. In the latest
development, his defense team submitted highlights of
the entrepreneur's diagnosis of attention-deficit hyperactivity disorder and his prescribed medication, Adderall, to Judge Lewis Kaplan. The team said that during the two-week
trial, SBF had only been allowed to take this medication once in the early
morning, causing concerns about his ability to concentrate as the trial
progressed.
