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According to widely circulated data from Messari, 11.2 million Solana ( #SOL ) from the FTX bankruptcy estate will unlock tomorrow. By Saturday, Solana’s circulating supply will increase 2.2%, and well over $1 billion of these newly-unlocked tokens will be available for immediate sale. Solana’s next two unlocks are far smaller: 12,700 SOL on April 1 and 73,700 SOL on May 1. All three of these unlocks are tokens held by the FTX estate, which is currently in bankruptcy proceedings. 🔸 Why FTX owns so much of Solana’s supply Anyone who has been in crypto for less than three years might not know why FTX owns so much SOL. Prior to his December 2022 indictment and subsequent imprisonment, Sam Bankman-Fried (SBF) founded the FTX exchange and was, in his heyday, one of crypto’s biggest investors. Before it went bankrupt in November 2022, SBF had FTX heavily invested in Solana. SBF had already negotiated a deal to own 2.5% of Solana’s locked supply and spent so much time promoting SOL that it was commonly known to be a “Sam coin” alongside his other favorites like FTT, SRM, OXY, and MAPS. SBF even offered to buy SOL in the open market in an attempt to defend a price floor at one time. Other allocations of Solana’s supply included a community reserve (40.8%), early team members (13.4%), seed round investors (13.3%), founding sale members (9.8%), and the Solana Foundation (11%). Most of these allocations unlocked prior to February 2021. 🔸 Solana unlock is going to claims buyers, not FTX It’s important to note that Saturday’s unlock will benefit not FTX victims but claims buyers like Pantera Capital and Mike Novogratz’s Galaxy Asset Management. To be clear, FTX’s bankruptcy estate has already sold rights to Saturday’s SOL unlock. After FTX and its unlicensed hedge fund Alameda Research went bankrupt, Galaxy purchased claims during bankruptcy proceedings on most of the remaining locked tokens at a value of $64 per SOL. #Solana

💼 FTX Bankruptcy Estate Challenges Jump Trading's $264M Claim The battle between FTX and Jump Trading's subsidiary, Tai Mo Shan, has escalated as the disputed loan of 800 million Serum (SRM) tokens from Alameda Research takes center stage. 🤝 Token Troubles: FTX vs. Jump Trading Over SRM Loan Tai Mo Shan is adamant that the undelivered tokens warrant a hefty sum of $264 million in damages. However, FTX's legal team counters this claim, asserting that the loan never even got off the ground. 📉 Serum Saga: A Fall from Grace for FTX-Backed DEX As the dust settles on FTX's bankruptcy, the collapse of decentralized exchange Serum reveals a tangled web. Despite its claims of decentralization, insiders suggest FTX held significant sway over Serum's operations. 💰 800 Million Tokens Hang in the Balance The missing SRM tokens make up a staggering 80% of the total supply, dwarfing the amount currently in circulation. The stakes are high as both parties wrangle over their value. ➡️ Options Models and Legal Wrangling Jump Trading brings out the big guns with an options model to calculate damages, factoring in market prices, volatility, and interest rates. However, FTX's lawyers stand firm, highlighting that the loan agreement was never fulfilled. 🔴 "The Loan Never Commenced," Asserts FTX In a bold statement, FTX's legal eagles underline that Alameda failed to deliver as promised. With a clear clause allowing for voiding in such cases, they argue that the loan was dead in the water from the start.