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FTX bankruptcy estate stakes $150M SOL and ETH as Sam Bankman-Fried's trial continues

The FTX bankruptcy estate has apparently staked millions of Dollars worth of ether (ETH) and Solana's SOL over the weekend, blockchain addresses tied to the crypto exchange apparently show.

Over 5.5 million SOL, worth $122 million at current prices, and just over 24,000 ETH, worth $30 million, have been staked, separate transactions viewable on the blockchain show.

Solana blockchain transaction showing SOL staked to Figment by FTX wallet address. (SolScan)

Staking refers to locking up crypto holdings on a blockchain to help maintain the network in turn of token rewards. The move may help the estate earn a significant amount over the next few years as rewards are generated on the staked positions.

On-chain watchers on social app X citing the data said the SOL seemed to have been staked on Figment, where it will earn 6.79% annualized on the holdings – or over $8 million in SOL tokens which gets compounded.

Ethereum transactions show the ether was staked directly on the network, where it’s set to earn 3.4% annualized currently – or $1 million in ETH tokens.

FTX was an early investor in Solana and regularly receives a significant volume of SOL unlocked according to a planned vesting schedule. It held over $1.16 billion worth of the tokens as of September 2023, as per a court filing.

The exchange collapsed after CoinDesk published revelations concerning the state of its balance sheet last year. New CEO John J. Ray III has berated financial controls at the company, while founder Sam Bankman-Fried is undergoing trial.

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CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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