Ethereum

Solana

Bitcoin

Gary

Rewards

On-chain data shows that FTX liquidators staked much of their Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) and Solana (<a href="https://cryptoslate.com/coins/solana/">SOL</a>) holdings over the weekend. 
<h2 id="30m-in-ethereum-staked">$30M in Ethereum staked.</h2> 
Per Etherscan <a href="https://etherscan.io/tx/0x44ebba142a30f7516104451aefc56f83d0d696b2958da1755033e0d1dc77de2d">data</a>, the bankrupt crypto exchange staked around $30 million worth of ETH, approximately more than 24,000 ETH, on Oct. 14. 
Prominent blockchain analytical firm 0xScope <a href="https://twitter.com/ScopeProtocol/status/1713785612237783449">confirmed</a> that the exchange was staking its assets. It noted that a <a href="https://scopescan.ai/moneyFlow/0x77f33da6046a03ebb0e6d33a26cb49bd738774ff?id=1713770142552981504&amp;network=eth">wallet</a> associated with the FTX liquidators staked 4416 ETH valued at around $6.85 million via Figment, an institutional-focused staking service provider. 
Staking is a process that involves committing crypto assets to support a blockchain network for a set period to earn rewards. According to Figment’s <a href="https://figment.io/staking/stake-eth/">website</a>, its average Staking Rewards Rate (SRR) throughout the third quarter was 4.5%. 
Meanwhile, the Ethereum website <a href="https://ethereum.org/en/staking/">pegs</a> the reward rate at 3.4% annually. 
<h2 class="s3" id="span-style-color-333333-font-size-22px-font-weight-bold-over-120m-staked-in-solana-span">Over $120M staked in Solana.</h2> 
Liquidators of the bankrupt firm also <a href="https://solscan.io/tx/5ugbkfnpEQCgNcesZ5D53Me4z9aefH1e4s2p8GwJ8RVCThX32EHbTF2zKHyxpYotRi841SDYDBeEWnYtCGtgc1Xu">staked</a> 5.5 million Solana tokens, valued at around $121 million, via Figment. 
This move would allow FTX to earn a rewards rate of nearly 7%, according to Figment’s <a href="https://figment.io/staking/protocols/solana/">website</a>. 
FTX was one of the major investors in the Solana blockchain, with <a href="https://cryptoslate.com/ftx-court-filing-reveals-7b-in-assets-as-firm-aims-to-complete-bankruptcy-process-by-second-quarter-2024/">court filings</a> revealing that the exchange held more than $1 billion worth of SOL tokens. The exchange also had substantial holdings in other digital assets like Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin">BTC</a>), Ethereum, etc. 
In September, FTX <a href="https://cryptoslate.com/ftx-wants-court-to-allow-up-to-200m-weekly-crypto-sale-restart-hedging-btc/">sought</a> court approval to allow it to liquidate up to $100 million worth of digital assets weekly, with the ability to increase the limit to $200 million temporarily. 
Meanwhile, this move comes amid the ongoing criminal trial of the founder of the defunct exchange, Sam Bankman-Fried, in a New York court. 
The trial has unveiled SBF’s alleged involvement in mishandling FTX customers’ funds. Key insiders, including Gary Wang, co-founder of FTX, and <a href="https://cryptoslate.com/companies/alameda-research/">Caroline Ellison</a>, former CEO of Alameda, testified that Alameda <a href="https://cryptoslate.com/sbf-trial-day-5-how-caroline-ellisons-testimony-could-become-the-smoking-gun-needed-for-a-guilty-verdict/">enjoyed special privileges</a> at the now-defunct exchange, with SBF allegedly responsible for establishing systems that enabled <a href="https://cryptoslate.com/sam-bankman-fried-wanted-to-be-president-of-the-united-states-ellison/">fraudulent activities</a>. 
The post <a rel="nofollow" href="https://cryptoslate.com/ftx-liquidators-stake-150m-in-ethereum-and-solana-tokens-during-weekend/">FTX liquidators stake $150M in Ethereum and Solana tokens during weekend</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

FTX liquidators stake $150M in Ethereum and Solana tokens during weekend

Table of Contents

CryptoSlate

Other articles published on Oct 16, 2023

RIG Stock: Transocean Ltd. Price Fell Below 50 EMA; What Next?

Grayscale Stands Ready for ETF Conversion Post-SEC’s No Appeal

Controversy Surrounds Elon Musk’s X Platform Following Suspension of Pro-XRP Account

RVMD Stock Price: Analysts Rated Bullish, Financials are Wrecked

LOOM shows ‘buy’ signal as social volume skyrockets

Solana Joins Dubai’s Largest Free-Trade Zone to Foster Web3 Adoption

Join our free newsletter for daily crypto updates!