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Solana’s FTX Connection Haunts Amidst SBF Trial

SOLANA
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There was a false post suggesting that Alameda Research could manipulate Solana to liquidate long positions. Jacob Creech, who heads the developer relations at Solana Foundation, offered a $400,000 reward to anyone who could find code capable of turning off Solana.

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Alameda Research CEO Caroline Ellison’s explosive testimony last week not only made things tough for her ex-boyfriend Sam Bankman-Fried’s defense but also led to many memes. One of these memes included a fake quote from Ellison, suggesting that Alameda could control Solana to affect long positions, which are bullish bets on Solana’s native currency, SOL. This fake post spread widely on X (formerly Twitter).

Crypto influencer Ben Armstrong expressed his concerns, while Bitcoin maximalist Samson Mow also shared the fake post, criticizing Solana. The reason this fake post gained traction is because Solana and Bankman-Fried used to have a close relationship.

FTX Lingering Concerns

At its peak, Sam Bankman-Fried’s holdings in SOL were valued at around $12 billion, according to Michael Lewis’s book “Going Infinite: The Rise and Fall of a New Tycoon.”

In fact, Bankman-Fried had a significant stake in SOL, owning approximately 10% to 15% of the entire SOL supply through Alameda and FTX. This led to Solana ecosystem tokens being informally referred to as “Sam coins” in the crypto world.

Crypto investors became worried when, in September, the FTX bankruptcy team received court approval to sell off $3.4 billion in crypto assets, including over $1 billion in SOL tokens.

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However, Bankman-Fried’s downfall didn’t mean the end for Solana’s development.

Many builders in the Solana community didn’t see FTX’s troubles as a major disaster. As one of the co-founders of the lending protocol Solend, known as Rooter, mentioned in August, all the fundamental strengths of Solana, such as low fees, fast transactions, and a strong ecosystem, remained intact. Losing a good exchange with Solana support was a setback, but there were other options available.

$400,000 Bounty for Discovering a Bug

The fake post about Ellison also mentioned a recurring issue with Solana, which is system shutdowns. It hinted at a possible vulnerability in the network, which could be a significant problem if it’s true.

In response to this fake post, Jacob Creech, who is in charge of developer relations at Solana Foundation, announced a $400,000 reward for anyone who could find code that can shut down Solana. This reward was introduced last month to encourage hackers to report network vulnerabilities to the Solana development team.

The bug bounty would be given for cases where the network’s consensus stops and requires human intervention. It also covers vulnerabilities related to eclipse attacks and remote attacks that can split the network.

The reward would be paid in Solana’s native token, SOL, and would be locked for a year.

Solana hasn’t experienced any outages since February, which is its longest uninterrupted period since March 2021. The company behind Solana attributes this improved performance to various upgrades, including Ethereum-like fee markets that allow users to pay higher fees for faster transactions.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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