FTX ain't alone! Solana and other cryptocurrencies linked to SBF and his companies have dropped by an average of 40% this week.
Alameda Research’s balance sheet reportedly was worth around $12 billion as of June 30, out of which half was FTT. The firm allegedly had $8 billion in liabilities on the same day, raising speculation about its potential insolvency after FTT’s massive crash.As a result, this has increased downward pressure on cryptocurrencies with exposure to Alameda Research, FTX and Bankman-Fried, or so-called “Sam coins.”SOL’s price has plunged by more than 55% since Binance decided to dump its FTT reserves.
Similarly, Serum , a decentralized exchange asset functioning atop the Solana blockchain, crashed by 55% in the same period.Ren, a decentralized custodian project, also witnessed a 33% drop in the valuation of its native token, REN, afterOverall, Sam tokens, including Raydium , Bonfida and Maps , have dropped by an average of 40% since Nov. 6.Meanwhile,18.77 million SOL tokens, or around $330 million at the time of writing, will be unstaked and enter circulation on Nov.
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