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

On-chain information shows that FTX liquidators staked overmuch of their Ethereum (ETH) and Solana (SOL) holdings implicit the weekend.

$30M successful Ethereum staked.

Per Etherscan data, the bankrupt crypto speech staked astir $30 cardinal worthy of ETH, astir much than 24,000 ETH, connected Oct. 14.

Prominent blockchain analytical steadfast 0xScope confirmed that the speech was staking its assets. It noted that a wallet associated with the FTX liquidators staked 4416 ETH valued astatine astir $6.85 cardinal via Figment, an institutional-focused staking work provider.

Staking is simply a process that involves committing crypto assets to enactment a blockchain web for a acceptable play to gain rewards. According to Figment’s website, its mean Staking Rewards Rate (SRR) passim the 3rd 4th was 4.5%.

Meanwhile, the Ethereum website pegs the reward complaint astatine 3.4% annually.

Over $120M staked successful Solana.

Liquidators of the bankrupt steadfast besides staked 5.5 cardinal Solana tokens, valued astatine astir $121 million, via Figment.

This determination would let FTX to gain a rewards complaint of astir 7%, according to Figment’s website.

FTX was 1 of the large investors successful the Solana blockchain, with court filings revealing that the speech held much than $1 cardinal worthy of SOL tokens. The speech besides had important holdings successful different integer assets similar Bitcoin (BTC), Ethereum, etc.

In September, FTX sought tribunal support to let it to liquidate up to $100 cardinal worthy of integer assets weekly, with the quality to summation the bounds to $200 cardinal temporarily.

Meanwhile, this determination comes amid the ongoing transgression proceedings of the laminitis of the defunct exchange, Sam Bankman-Fried, successful a New York court.

The proceedings has unveiled SBF’s alleged engagement successful mishandling FTX customers’ funds. Key insiders, including Gary Wang, co-founder of FTX, and Caroline Ellison, erstwhile CEO of Alameda, testified that Alameda enjoyed peculiar privileges astatine the now-defunct exchange, with SBF allegedly liable for establishing systems that enabled fraudulent activities.

The station FTX liquidators involvement $150M successful Ethereum and Solana tokens during weekend appeared archetypal connected CryptoSlate.