- Solana has suffered a loss of 50% due to exposure to bankrupted cryptocurrency exchange, FTX.
- SOL is currently trading at $14.3 with zero signs of recovery.
- Crypto influencer BitBoy asked SOL holders to get rid of their assets.
Cryptocurrency commenter Twitter account Altcoin Daily has posted on November 27 that Sam Bankman-Fried’s trading form, Alameda Research holds 13.25% Solana Coins currently in circulation.
Sam Bankman-Fried’s Alameda Research currently holds 13.25% of all #Solana coins in circulation.— Altcoin Daily (@AltcoinDailyio) November 27, 2022
Solana has recently lost 50% in value as the Solana ecosystem collapse due to exposure to Sam Bankman-Fried’s bankrupt cryptocurrency exchange, FTX. Meanwhile, leading cryptocurrency exchange, Biannce announced it will be removing the trading pairs of Serum token, a project in partnership with FTX, Alameda Research, and Solana, in order to minimize the contagion spread by FTX.
At the time of writing Solana is trading at USD $14.34, with potential for more loss due to the FTX’s invetsment into the project.
Moreover, industry experts are now suspecting that transactions by Alameda Research might be behind the recent Solana blokchain halt. According to cryptocurrency influencer, BitBoy,
Every time the Solana blockchain paused, it was actually Alameda Research laundering money and brute forcing transactions.If you are in Solana (SOL), run for hills.
He further warns that Solana holders should sell their assets effective immediately. He added that Alameda Research has been laundering money and pressurized with transactions amidst blockchain halts.
On October 1, 2022, the Solana blockchain suffered a major network outage on account of a misconfiguration in a single node. SOL also faced multiple network outages pausing transaction for hours due to issues with support structure.
Solana’s head of communications, Austin Federa, refused the loss of value because “that is not how blockchain works.”
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