While SOL, the native token of the Solana network, recovered from a gargantuan crash stemming from its entanglement with the now-defunct crypto exchange FTX and its sister company Alameda Research, there are fresh concerns about potential market disruptions in the near term.
A former employee of FTX has reportedly revealed that the fallen exchange still holds a significant amount of Solana tokens. Does this mean the price of SOL will fall sharply when FTX offloads these supposed tokens?
In a shocking revelation, crypto influencer Wise Advice disclosed that an ex-FTX employee has come forward as a whistleblower, revealing that the Sam Bankman-Fried-owned exchange has a secret SOL hoard — which is equivalent to 8% of the coin’s total supply.
According to the whistleblower, FTX and Alameda are holding the Solana tokens in previously undisclosed crypto wallets. This hidden SOL stash represents a potentially massive impact on the market, which many speculate could exert selling pressure on the asset’s price.
Furthermore, the revelation underscores the murky financial practices within FTX that played a part in the exchange’s eventual collapse.
Wise Advice hopes FTX will sell these tokens via over-the-counter (OTC) deals instead of dumping them on the open market. However, he thinks some selling pressure could hit the market soon if the SOL tokens are dumped en masse.
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