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<div class="cryptonews">
 <p class="is-style-lead">The FTX bankruptcy estate recently staked approximately $122 million in SOL tokens and around $5 million in ETH.</p>
 <p>The FTX bankruptcy estate has staked an impressive sum of approximately $122 million in Solana (SOL) tokens. The information came to light when on-chain data indicated that a wallet identified as FTX’s shifted the SOL tokens to Figment, a staking validation entity known for serving institutional clientele.</p>
 <p>Simultaneously, FTX’s <a rel="noopener noreferrer nofollow" title="estate" href="https://thebittimes.com/tag/estate.html">estate</a> made another move, staking about 3,200 Ethereum (ETH), which is equivalent to an estimated $5 million. Both <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> wallets are associated with Alameda Research, identified as the sister trading firm to FTX.</p>
 <p>For those unfamiliar with the term, staking in the crypto realm involves securing a specified quantity of tokens for a set duration. As a reward for this commitment, participants often receive supplementary coins. This procedure is pivotal in fortifying proof-of-stake networks, which include Ethereum and Solana among others.</p>
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 <p>In August, under the guidance of John J. Ray III, FTX’s current leadership put forth a proposal requesting the endorsement and validation of protocols for selling cryptocurrencies that were reclaimed amid the bankruptcy proceedings. The motivation behind this was explained in the filing: “Hedging of Bitcoin and Ether… will provide a means to mitigate the Debtors’ risk against unfavorable shifts in Bitcoin and Ether values before their liquidation.”</p>
 <p>The FTX estate’s appeal gained approval in the preceding month. Mike Novogratz’s Galaxy Digital was entrusted with the responsibility of supervising the asset sale, which astonishingly are estimated at a colossal $3.4 billion, inclusive of Bitcoin (BTC), Ethereum, Solana, among others.</p>
 <p>It’s worth noting that FTX’s original proposal regarding the “Digital Asset Management and Monetization Program” also contemplated the potential of staking select <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies to produce a passive income. It appears that the exchange’s <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> <a rel="noopener noreferrer nofollow" title="estate" href="https://thebittimes.com/tag/estate.html">estate</a> has decided to employ this option.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-bankruptcy-estate-stakes-crypto-assets-in-solana-and-ethereum-tbt66587.html">https://thebittimes.com/ftx-bankruptcy-estate-stakes-crypto-assets-in-solana-and-ethereum-tbt66587.html</a></p>

FTX bankruptcy estate stakes crypto assets in Solana and Ethereum

TheBitTimes

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