Solana Is Trying to Break Its Ties With Bankrupt FTX | Bloomberg Crypto
January 9, 2023
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18:22Now PlayingSolana Is Trying to Break Its Ties With Bankrupt FTX | Bloomberg Crypto
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as posted by the channelCrypto exchange FTX’s November 2022 collapse was one of the most spectacular and swift downfalls in the history of crypto. Now, as the bankruptcy dust begins to settle, investors and others wonder what will happen to crypto startups closely tied to the former exchange.
Solana is an example. FTX’s former CEO Sam Bankmam-Fried was a champion of the blockchain network. He publicly appeared with one of its co-founders at various conferences and industry talks.
And FTX and Alameda bought nearly $580 million () dollars worth of Solana's native token, SOL The company also supported various projects that operated on the Solana blockchain.
Now FTX’s former CEO faces eight criminal counts including fraud. The collapsed exchange is struggling to repay its creditors. So: where does that leave Solana?
Bloomberg’s Hannah Miller () has been reporting on this and joins the episode.
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Crypto is the world's hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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