In a shocking revelation, an ex-employee of FTX has come forward, exposing that FTX’s wallets secretly hold 8% of Solana’s (SOL) total supply. This significant discovery has highlighted the deep involvement of FTX and Alameda Research within the Solana ecosystem. Notably, this previously undisclosed cache of SOL could potentially lead to a strategic liquidation to avoid market chaos.
The whistleblower, who worked closely with FTX’s internal operations, disclosed that FTX and Alameda Research had accumulated a substantial portion of Solana’s supply in undisclosed wallets. This secretive approach underscores the opaque financial practices that played a crucial role in FTX’s downfall. Moreover, the hidden trove of SOL represents a substantial market influence that has remained unnoticed until now.
The revelation has sparked concerns about the potential market impact. With 6 million in sell pressure on Solana, as pointed out by Wise Advice on X, the implications are significant. If the hidden 8% holding were to be liquidated, it could crash the price of Solana, destabilizing the market. This newfound information raises questions about the future stability of Solana’s price.
In related news, amid these revelations, FTX had previously received preliminary approval for a $200 million settlement with the United States Internal Revenue Service (IRS) as part of its ongoing bankruptcy proceedings. Initially, the IRS claimed over $44 billion in taxes owed, which has been negotiated down to $24 billion. The proposed deal, pending court approval, allocates $200 million as a priority tax claim and an additional $685 million as a subordinated claim. This resolution pertains to all tax claims up to October 31, 2022.
SEC Keeps Solana’s Security Status Uncertain Amid Binance Lawsuit AdjustmentsFTX has acknowledged its tax liability, yet disputes the details, particularly concerning funds allegedly embezzled by former CEO Sam Bankman-Fried. The exchange argues that these funds should not be subject to tax. Additionally, FTX disagrees with the IRS on employment taxes related to executive salaries, citing valid deductions and losses disallowed due to documentation issues.
