Solana (SOL) Labs Didn’t Have Any Assets on FTX, Says Co-Founder

Solana’s co-founder, Anatoly Yakovenko stated on Twitter that, the company still has a lot of runways and is fortunate to have a small workforce because Solana Labs, a US corporation, didn’t have any assets on FTX.com.

But the market remains concerned that Alameda Research may sell huge SOL and other tokens in the Solana ecosystem.

Solana Labs, a US corp, didn’t have any assets on https://t.co/nL7jEmgrVT, so we still have tons of runway, and luckily still a small team.

— toly ?? (@aeyakovenko) November 9, 2022

Solana’s Connection to FTX Saga

FTX and its sister firm Alameda Research are two major backers of Solana. It was reported that SOL is Alameda’s second-largest holding after the FTX token (FTT).

According to a copy of Alameda’s balance sheet, the company has $41 million in “SOL collateral,” $863 million in “locked SOL,” and $292 million in “unlocked SOL.” Approximately $1.2 billion worth of SOL tokens are held by the company.

There might be a chance that, Alameda liquidates its SOL holdings to raise more funds due to FTX’s impending debts.

Price Shows No Sign Of Recovery

On the other side, the Solana (SOL) price has been severely affected by the FTX situation as Alamada Research is invested in the blockchain project.

Over the last few days, the Solana price fell nearly 52%. As of writing, Solana’s (SOL) price stands at $14.93, down around 42% in the last 24 hours.