FTX's $58M Solana Unstaking Mishap Freezes Assets, SOL Price Surges

2/11/2023

FTX, currently undergoing bankruptcy proceedings, encountered a mishap when it attempted to unstake 1.6 million Solana (SOL) tokens. This error resulted in the assets being frozen in a staking account, further complicating the crypto exchange's already complex situation. The affected wallet, FTX Cold Storage #2, holds not only the stranded SOL but also over $100 million in various cryptocurrencies, including WBTC, JSOL, and USDT. It remains uncertain who initiated the transaction and whether the frozen assets can be recovered.

Despite FTX's ongoing troubles, SOL has exhibited resilience in the market. SOL's price increased by 4.3% over 24 hours, 15.1% over the past week, and a remarkable 56.9% over the previous 30 days. However, concerns have arisen regarding SOL's future stability due to the staking mishap amid FTX's bankruptcy proceedings. Additionally, market confidence appears to be wavering, with a drop in social engagement and bullish sentiment around SOL, potentially signaling an impending price downturn.

Resource: https://coingape.com/ftx-58m-sol-unstaking-attempt-leads-to-frozen-assets/