Solana Co-Founder Anatoly Yakovenko Says FTX’s SOL Tokens Should Be Distributed to Ex-Customers – The Daily Hodl

Solana co-creator Anatoly Yakovenko says that SOL tokens sitting in the reserves of FTX should be redistributed to the bankrupt crypto exchange’s former customers.

Nearly a year after its bankruptcy, Solscan data shows that FTX still holds nearly seven million SOL tokens in a series of cold storage wallets, worth about $135 million at current prices.

On social media platform X, Yakovenko says that giving a large stack of SOL tokens to millions of new users would not only help make FTX users whole but also further benefit the Solana network, presumably through onboarding and decentralizing.

“My wish would be to distribute the SOL to all the FTX customers directly. Probably the least worst outcome for everyone…

And getting it distributed to 5 million users would benefit the network over the long term. Win-win in my honest opinion.”

Yakovenko, also known as Toly, says that the SOL distribution would probably be more efficient than the drawn-out legal process that FTX has been going through.

“Seems like it would have been a much faster process and with less legal overhead if everything was just evenly split across all the users and let each user do what they will.”

Due to FTX’s large SOL holdings, Solana was disproportionately affected by the disgraced exchange’s collapse last year, pushing the Ethereum (ETH) rival down to $8 after trading at $260 just a year prior.

At time of writing, SOL is trading for $19.35.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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• Source: https://dailyhodl.com/2023/09/03/solana-co-founder-anatoly-yakovenko-says-ftxs-sol-tokens-should-be-distributed-to-ex-customers/