On the 28th of November 2022, Mr. Whale announced on Twitter that Alameda Research liquidators now control $643 million worth of Solana (SOL) due to their bankruptcy filing.
https://twitter.com/WhaleChart/status/1597329286561554433
Following the FTX drama, Alameda and the sister company also filed for bankruptcy. Sam Bankman-fried stepped down as CEO of both FTX on Alameda, giving the position over to John J Ray.
Under the chapter 11 bankruptcy filing, the ft x group was supposed to band together and ascertain the most appropriate way to protect its stakeholders and users. Focusing on funds recovery.
As all of this played out, SBF scrambled to find financiers due to Binance pulling out of the purchasing deal. Without rescuers, the FTX group seemed to be imploding in on itself.
Yet, the story following all that development is not looking good. The balance sheet showed a $2.7 billion hole, with almost $2 billion worth of assets not included for “correlation reasons.” And these reasons are yet to be clarified.
Now, this FTX implosion is getting worse. During the FTX situation, there was fear that Solana was going down with the group, seeing as the FTX group owned around 9 – 13% of the whole SOL supply. This belief has led to the plummeting of SOL value by over 75%.
With Alameda’s bankruptcy filing, liquidators currently control all Alameda SOL assets. But there is a little hope on the horizon.
Solana compass is a Solana Onboarding tool with in-depth guides into the SOL ecosystem, countering the notion of heavy SOL selling pressure. With the SOL assets being locked under the chapter 11 bankruptcy filing, the SOL assets will be available for circulation once the bankruptcy process is finished.
Your source says:
1. That percentage is wrong
2. Alameda no longer holds the SOL, the liquidators do
3. The SOL on the chart is locked and cannot be sold, often for many years
4. Regardless, Chapter 11 means nothing can be sold until bankcruptcy completes, could take 10+ years— Solana 🧠Compass 🔥💃 (@SolanaCompass) November 26, 2022
They further went on to clarify the chaotic situation. The amount controlled by Alameda’s liquidators may be locked for over 10 years. Then afterward, the locked supply will not be dumped in the market but will be transferred at the best price to other investors.
