TechFlow news — The Solana Foundation has updated information regarding the FTX bankruptcy. As of November 6, when FTX.com ceased processing withdrawals, the Solana Foundation held approximately $1 million in cash or cash equivalents on FTX, representing less than 1% of its total cash reserves. Therefore, the impact on Solana Foundation operations is negligible. The Solana Foundation did not have any SOL assets hosted on FTX.com.
The Solana Foundation also clarified that USDC and USDT on the Solana blockchain are unaffected and pose no risk. These stablecoins are issued directly by Circle and Tether respectively, and both remain fully pegged at present.
According to previous reports, the Solana Foundation disclosed its exposure related to FTX: as of November 14, 2022, its assets held in accounts on FTX.com included (as of November 6, when FTX.com stopped processing withdrawals) approximately 3.24 million shares of FTX Trading LTD common stock, about 3.43 million FTT tokens, and approximately 134.54 million SRM tokens. Additionally, as of November 10, 2022, concerning Solana-based wrapped assets affected by the Sollet custodial bridge, the total exposure of Sollet-based assets circulating on Solana was valued at approximately $40 million, while the current status of the underlying assets remains unknown.Original link
