Solana Foundation Has Tens of Millions of Dollars in Cryptocurrencies Stranded on FTX

Solana Foundation stated that as of November 6th, 2022, when FTX ceased to process withdrawals, Solana Foundation held about 134 million $SRM, 3.43 million $FTT and 3.24 million shares of FTX common stock on its FTX accounts. On the day before the freeze, the value of the above $SRM and $FTT was about $107 million and $83 million. 

According to TokenInsight data, the current price of $SRM is $0.303905 and the price of $FTT is $1.6239, and the value of the above $SRM and $FTT is about $40.88 million and $5.56 million.

In addition, as of November 6th, 2022, Solana Foundation has about $1 million in cash or cash equivalents on FTX. This is less than 1% of the Solana Foundation's cash or cash equivalents and as such, the impact on Solana Foundation operations is negligible. Also, Solana Foundation has no $SOL custodied on FTX. 

It is reported that FTX/Alameda first purchased a total of 58,086,686 $SOL from Solana Foundation in August of 2020, and it has not been determined how these assets will be settled in the aftermath of the Chapter 11 bankruptcy proceedings. 

As for wrapped assets on Solana affected by Sollet custodial bridge, the total exposure to Sollet-based assets on Solana in circulation is valued at approximately $40 million as of Nov 10th, 2022. The status of the underlying assets is unknown at this time.