So since SOL is $60 - Means FTX is solvent again?

[KingsDen]

Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.

We know the lost was severe and as well as the liquidation. The improvement in the sol price has however augmented the losses of FTX and if not that the tokens are locked, a nice hype and campaign from here could mean a better thing on the long run.

Also, I do not think that any government intervention is needed to rescue FTX . Only what is needed is a major bull run to put many things to order.

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[tjtonmoy]

I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper. If they're about to sell their holding, The price would eventually go down as many people with them will start to sell. That could lead to a huge price dump that good potentially decrease the total value of their holding.

But just to think that they can overcome this situation with only one coin makes it illogical. Then need other kind of backups in order to fix the damage that has been caused. I just want to clarify one of my doubts. Is it their personal holding or does it also includes assets from their customers? If it's their own, then they might be able to fix a little bit of damage but in order to fill the whole gap then need a lot more than this.

[TimeTeller]

I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper. If they're about to sell their holding, The price would eventually go down as many people with them will start to sell. That could lead to a huge price dump that good potentially decrease the total value of their holding.

But just to think that they can overcome this situation with only one coin makes it illogical. Then need other kind of backups in order to fix the damage that has been caused. I just want to clarify one of my doubts. Is it their personal holding or does it also includes assets from their customers? If it's their own, then they might be able to fix a little bit of damage but in order to fill the whole gap then need a lot more than this.

We can't trust them to tell the truth about their assets and their whereabouts.
So be very cautious in tapping the related projects surrounding FTX platform.
Some may show good progress but we don't know what's really going on behind those curtains.
If you invest, better keep your eyes on what they have to say and the actual developments.
Don't give them too much credibility as at the end of the day they don't care about your portfolio.

[EarnOnVictor]

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

You are correct with this connection, FTX had over $1.16B in SOL and it means that they would have multiples of this right now that SOL is seriously performing. Recently, they've transferred $102 worth of SOL to exchanges in tranches, and that could mean only one thing, they are better liquid than before and that money transferred to exchanges is obviously for the taking.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

FTX and some government bodies have been able to manage the situation better than MtGox and the current event is actually pointing to the fact that more money will be available. The rest depends on how FTX would maximize the situation.

[tjtonmoy]

We can't trust them to tell the truth about their assets and their whereabouts.
So be very cautious in tapping the related projects surrounding FTX platform.
Some may show good progress but we don't know what's really going on behind those curtains.
If you invest, better keep your eyes on what they have to say and the actual developments.
Don't give them too much credibility as at the end of the day they don't care about your portfolio.

I just want to say, everything you have said here proves that in order to be in business, you need to have people's trust. Without it, you cannot become successful or stand back up after falling. Once you mess it up, it is hard to gain the trust again and grow your business. For FTX, they have messed up big time. Even if something is backed up by them, people will find it hard to trust them again and follow it.

Rest assure, I'm not going to invest anything into it. The only thing that I focus is Bitcoin and I will stay with it. I have lost faith in altcoins because they are centralized shit. There will be still people trusting those projects but for me, I'm done with it.

[JunkieMiner]

Among all the coins during the bull market which I think has arrived I have only see the most pumped coin in this bull runs till now that is Solana (SOL) which have its own utilities. And also when their are more airdrops on the Blockchain of the Solana the price of Solana has been increasingly since it was around 20$ but now we are seeing the price has been increased massively and now it is 60$+ which is a huge price after having a bad market condition previously and suddenly increase came and it has given users much benefits.

[Lakai01]

[...]
I have lost faith in altcoins because they are centralized shit. There will be still people trusting those projects but for me, I'm done with it.

Basically I agree with you and see it the same way, I personally only hold very few altcoins that I also stake so that I can take part in the network - at least somehow.
However, there are now altcoins such as Kaspa, which I follow with great interest: Decentralized, PoW, no pre-mine and no initial coin distribution to the team. In addition, there is a really interesting technical approach that has the potential to replace Litecoin as "Bitcoin Silver".

This should absolutely not be interpreted as a shill and certainly not as an investment recommendation: DYOR

[Zaguru12]

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

OP was saying that Solana had anything to do with the collapse but rather FTX as a company invested a lot into Solana and OP is like since the price has increased to above 3x then they could have more funds to at least pay back the customers which is not possible according to the information on the amount they owed.

What you also meant to say is pumping is the FTT coin which is also hugely invested into by FTX exchange. The coin was actually believed to be developed by the exchange and as such was down the the exchange collapsed ( one of the reason to avoid Alticoins). Right now it is following the market trend and pumping which means people are still buying them.

[GreatArkansas]

What happened in Solana is really surprising, when Sam Bankman Fried was arrested, Solana began to pump. What I am thinking is it could be either a manipulation just to drive the price of Solana up then they dump.
Or people are happy, all-natural, they are happy because Solana will be totally no connection anymore to FTX exchange.

[tjtonmoy]

However, there are now altcoins such as Kaspa, which I follow with great interest: Decentralized, PoW, no pre-mine and no initial coin distribution to the team. In addition, there is a really interesting technical approach that has the potential to replace Litecoin as "Bitcoin Silver".

This should absolutely not be interpreted as a shill and certainly not as an investment recommendation: DYOR

I've never heard of it, so maybe this is a new project they have been working on. Even if it follows the same path as Bitcoin which is being decentralized and proof of work also as you mentioned, no pre mind coin distribution to the team, it's still missing the big part which has made Bitcoin what it is today. The creator of Bitcoin is unknown. I'm in the identity of the Creator. No matter how much you try to make a thing decentralized, if the people behind the project are known, it will be hard to keep the coin decentralized.

Don't get me wrong, it's your investment plan and your asset. So you can do whatever you want with it. But just saying. If the person behind the project is known, powerful people can manipulate them or do something to take control over them and in that process take control over the project. And nowadays, it is really hard to find the legit project. Good luck with your investment though. Hope you find success. Cheers mate.

[Lakai01]

[...]
Don't get me wrong, it's your investment plan and your asset. So you can do whatever you want with it. But just saying. If the person behind the project is known, powerful people can manipulate them or do something to take control over them and in that process take control over the project. And nowadays, it is really hard to find the legit project. Good luck with your investment though. Hope you find success. Cheers mate.

Thanks for the honest assessment! I basically agree with you, if the founders are anonymous - as is the case with Bitcoin - that's another huge advantage. What is meant by "decentralized" at Kaspa - just like at Bitcoin - are the miners who keep the network alive. However, this applies to many PoW coins.

I made my investment in Kaspa quite early on, so it has definitely paid off in the meantime.

[tjtonmoy]

Thanks for the honest assessment! I basically agree with you, if the founders are anonymous - as is the case with Bitcoin - that's another huge advantage. What is meant by "decentralized" at Kaspa - just like at Bitcoin - are the miners who keep the network alive. However, this applies to many PoW coins.

I made my investment in Kaspa quite early on, so it has definitely paid off in the meantime.

Ah, so that's how it is. You see, lack of knowledge made me say those, LOL. Well jokes aside, I'm happy that you are doing well with your investment. Although it seems a good investment asset I will still try to be with Bitcoin. At this point I just feel like if I do my research about any other coin rather than Bitcoin, it will be a total loss for me. It's a waste of time and waste of money.

Just because you are making profit out of it doesn't mean I will be able to do the same. I'm not that capable to do my research on altcoins and make profit out of it. I am unable to follow the trend and sentiment attached to the market for profit making. I just don't get how it works. It is hard to keep up with every news.

Anyway, that's just how it is with me. You're doing a great job and I hope you can keep doing it in the future. Good luck.

[adaseb]

I haven’t verified this because I couldn’t find the source but apparently people are buying Ftx claims for 65-70 cents pretty much. This is pretty recent. Which leads me to believe it due to the SOL price which could get Ftx out of bankruptcy.

The coin is still doing pretty good considering all that massive sell pressure it got from the Ftx bankruptcy trustee. At this rate it might head to the $75 area next month. None of this really makes sense. Seems like it was a great buy at $10.

[naikturun]

maybe they bought solana first to increase the price, then will sell it once they feel that it has enough to sell, maybe they will take advantage of the last dip before the halving, which always happens, the market will go down before the halving and will go up after it for a year forward.
there are so many possibilities and I'm just sharing my thoughts.

[TakeItEasy]

maybe they bought solana first to increase the price, then will sell it once they feel that it has enough to sell, maybe they will take advantage of the last dip before the halving, which always happens, the market will go down before the halving and will go up after it for a year forward.
there are so many possibilities and I'm just sharing my thoughts.

I have never seen the pumping of Solana like now, before that I was not even interested in buying our the Solana but now I think I should take only an entry in the Solana for a better profit.

But I don't think they have any intention of selling the Solana for their own benefits, thinking at the season of Solana, as we all know that when there is a season come of any coins the all the airdrops come on that chain and all the possibilities of the entire coin increases. Same in the case of Solana as we can think is another season of the Solana in which it is pumping hard and still we can expect from Solana it can again Touch to 100$ which is not so far as it has already crossed 60$.

[goaldigger]

maybe they bought solana first to increase the price, then will sell it once they feel that it has enough to sell, maybe they will take advantage of the last dip before the halving, which always happens, the market will go down before the halving and will go up after it for a year forward.
there are so many possibilities and I'm just sharing my thoughts.

This is what we called price manipulation and yes this can be true especially to whales and big investors.
There are rumors about FTX in connection with SOL and we’ve seen how the price pumps from a single digit and rise to double digit value. Be careful with SOL because it might be the peak price already and we might see a big drop when the whales started to take profit, again if you are going to trade or hold better to always have your target price.

[GreenStox]

I don't sure with your assumption all trues, actually all SOL and FTT coins are sold by FTX exchange and there are less possibility hold both coins kinds and difficult to recovery exchange have indicate as scam. I don't know what good news make SOL and FTT coin up drastically exactly with SOL success raised drastically from current dropped price $10 and last day up until $60. Its difficult SOL can up drastically if FTX exchange still hold this coin, actually after raising up few percent they will sell and make SOL get correction drastically.

Looks FTX have sold out SOL and FTT coins, latest moment when both coins drop drastically its effect with  FTX sold with much coins current in their exchange account. I don't sure with opportunity FTX is solvent again although in the future SOL and FTT will raise to higher price or back to ATH price if that possibilities.

I think Solana is indeed a good coin, because it was FTX's bad news that made everyone doubt, but slowly after FTX sold its SOL holdings people's confidence slowly returned because they had seen firsthand the news of FTX selling their SOL to pay customer debts, I don't know the real truth but my assumption is like that.

[Huppercase]

Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

Price manipulation at it peak on Sol and nothing more. Prior to before this pump, there were news from Cointelegraph when FTX where given court order to liquidate sol on the September of this year 2023 and the price tank for 5% and after some days, it recovered and since then, the founders are doing what they know best and that is price manipulation. They are building up the mountain chart so that when they decide to dump, it wouldn't kill Solana price but either later or sooner, the sol under FTX management will be sold because people are waiting to be compensated for their losses.

Solana might be this special to some people that miss the last bull run but I will avoid buying it because it's full of speculations. Sam is in jail awaiting his last trial before they sent him off forever. The case of stolen funds and other misdeed of the employees, it will take at least a year before this is get straight because seems there is no future in this.

Another thing is that, only Solana is pumping, the liquidity is revolves around sol and not altcoins that are under it because if you look closely, Solana doesn't have liquidity to revive the dead altcoins as token under it, the trust is gone for good but who knows, it might come back like ethereum if they build it into something different and cut ties away from FTX.

[stompix]

I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper.

The previous FTX doesn't hold a thing right now, just like in the MtGox case, they appointed a CEO to run the business of recovering the assets and report to the court, that's John J. Ray duty at present, he has reported that 7 billion worth of coins and other assets, those coins exists that money is there, nobody would be insane to inflate those numbers as they don't care about it, 10 million recovered or 1 billion they are getting paid either way both him and Kroll they couldn't care less of FTX fate after their job is done.

So yeah, the coins are there, if there is one thing you can trust is that they still have them.

We can't trust them to tell the truth about their assets and their whereabouts.

Who is "them"?
There is nobody from the former FTX in charge, the CEO is a bankruptcy specialist, he was the guy that was in charge of the Enron bankruptcy, there is nobody right now with any say in this process who has any interest in claiming bs, neither he nor Kroll don't hold shares in ftx, they don't own cryptos or anything related to (that's a mandatory legal requirement in this case), so stop seeing conspiracies everywhere.

It's a normal bankruptcy procedure that will go on just like Mtgox has, and right now as you can see from numerous articles and accounts tracking those coins they do have control of them and they are liquidating portions of them.
It's okay to be suspicious but going that much ahead you enter paranoia territory.

I have never seen the pumping of Solana like now, before that I was not even interested in buying our the Solana but now I think I should take only an entry in the Solana for a better profit.

Solana went from $30 to $250 last bull run, it's still under %25 of its ATH while Bitcoin has crossed already 50%.
So nothing that special, the pump looks bigger because it crashed worse than others.

[BitcoinTurk]

If FTX were to sell SOL to cover all user funds and gain a place in the market again unfortunately this would be a very bad step for Solana and Solana investors. I think that it isn't possible to make such a high amount of sales at once and even a possible sales trial period will cause serious damage to Solana. In other words, Solana which is believed to have entered a bullish phase especially in the last few weeks, will unfortunately face a very serious loss of value even under these market conditions.

On the other hand, if all the grievances are resolved by using these funds and FTX starts its service again unfortunately there is no possibility of it regaining its former popularity. I don't think that investors or traders will choose FTX again as there has been a serious loss of reputation and trust due to the events we have experienced.