An “accident” during the SOL unbundling process caused FTX’s $58 million Solana to be frozen

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Despite the staking incident at FTX, SOL prices have still surged strongly by over 75% in the past month.

Nansen said that at the end of October, FTX began staking 1.6 million SOL tokens, worth approximately $58 million. However, some problems were encountered during the unstaking process, resulting in the assets in the pledged account being frozen.

The wallet involved, FTX Cold Storage #2, also contained over $100 million in various crypto assets, including 1,033 WBTC, 364,859 JSOL, and nearly 4 million USDT.

As funds are frozen, community becomes suspicious “Who made this transaction? Can the assets be recovered?

However, it can be seen that in the context of the exchange’s struggling bankruptcy proceedings, the SOL unstaking incident has exacerbated FTX’s chaos. Meanwhile, FTX’s bankruptcy woes continue to spread throughout the cryptocurrency space, with debt reaching billions of dollars.

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As we all know, Stake is an indispensable mechanism for the PoS (Proof of Stake) blockchain, which provides rewards for locking tokens to verify transactions. Unstaking typically allows users to redeem these tokens.

Despite FTX’s staking issues, Solana has had incredible performance over the past month, rising 75% in October. At the time of writing, SOL is trading at around $42.97.

SOL Price Volatility Candlestick Chart.

Solana’s positive performance is due to the Firedancer testnet – a long-awaited blockchain product. At the Breakpoint conference on October 31, Solana Foundation CEO Dan Albert announced the launch of the Firedancer testnet built by Web3 Jump Crypto Company from August 2022.

We are only a few hours away from Solana #breakpoint2023 We already have:

🔥@jump_firedancer Run on testnet
☀️#breakpoint2024 Singapore announced
☁️Solana nodes are now available for rapid deployment on AWS

We just started hosting a total of over 300 panels, presentations, and… pic.twitter.com/P7q4VXoeTg

— Solana Breakpoint ☀️ Amsterdam October 30-3 November (@SolanaConf) October 31, 2023

Firedancer was developed to increase the processing speed, reliability, and diversity of validators. The Firedancer scaling solution is seen as a useful long-term solution to frequent blockchain outages. Firedancer mainnet is expected to be launched in the first half of 2024.

Additionally, the Solana system has received a lot of good news in the market recently, most notably VanEck Investment Fund’s prediction that the price of SOL coin will reach over $3,200 by 2030.

Current SOL Price

VIC encryption compilation

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Solana’s surge in price and TVL has prompted speculation: How long will the rally last?

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