Solana Foundation reveals minimal exposure to FTX

Solana (SOL) Foundation revealed that it held roughly $1 million worth of cash or its equivalent -less than 1% of its assets- on bankrupt crypto exchange FTX as of Nov. 6, according to a Nov. 14 blog post.

According to the Foundation, it also had 3.43 million FTX tokens (FTT) and 134.54 million Serum (SRM) tokens on the exchange before it stopped processing withdrawals. Serum is a Solana-based decentralized exchange founded by Sam Bankman-Fried (SBF).

The Foundation stated that it also held 3.24 million shares of FTX Trading LTD common stock.

Cumulatively, the crypto assets were worth around $190 million before the exchange’s liquidity crunch, but their value has now dropped to less than $35 million as of press time.

(By Oluwapelumi Adejumo)

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