‘FTX’s Solana Holdings Are Now Worth $6B’: XRP Attorney

Solana, one of the major players in the crypto space, has been garnering attention over the past few days with its recent price surges. A report narrated the rise of Solana, a token often considered to be previously championed by Sam Bankman-Fried, the former CEO of FTX.

XRP’s leading advocate, John Deaton, took to X to share opinions on the rising value of FTX’s SOL holdings; reportedly, FTX holds 55.8 million SOL tokens. Following the court’s approval of FTX’s liquidation of assets, the SOL token bottomed out, signaling an upward trend. Confirming anticipations, SOL has seen a rise of 687.09% in one year, currently reaching $94.64 from September’s $18.25.

Reaffirming the crypto sleuth “Mr. Huber’s” findings on the impact of SOL’s growth on FTX’s SOL holdings, Deaton stated, “FTX’s SOL holdings are now worth almost 6 billion from 1 billion since the bottom.” The attorney added that major crypto developments, including the much anticipated Bitcoin-ETF launch and the Bitcoin Halving, make 2024-2025 “Crypto’s biggest year ever.”

Disclosing the common price performance of FTT and SOL and its connection to the FTX collapse, Mr. Huber pointed out FTX’s previous price “manipulation using FTT.” He added,

On the day FTT collapsed, the supply of FTT tripled. However, the value of FTT has returned to the same level as when FTX still existed and the supply was three times smaller. This is not FUD. Enjoy the profits you have made.

Bloomberg’s analysis of Solana’s hike as crypto’s return reinforces Deaton’s positive beliefs on 2024’s bull run. In addition, Bitcoin’s recent surge, especially influenced by the ETF approval and halving, also contributes to the bullish perspectives of the attorney.