Solana has experienced significant losses; it has dropped below $15 this month and is now outside the top ten cryptocurrencies in terms of market valuation. In Bitboy crypto’s most recent tweet, he issued a warning, advising individuals with investments in Solana to sell their assets. BitBoy said that Alameda Research used some transactions to pressurize and launder money when the blockchain was down.
“Every time the Solana blockchain paused… it was actually Alameda Research laundering money and brute forcing transactions. There are other out there receipts. And if you think about it… knowing what we know now, does this surprise, anyone? If you are in $SOL, run for hills.”
On November 27, cryptocurrency commenter Altcoin Daily tweeted that Sam Bankman-trading Fried’s company, Alameda Research, has 13.25% of the Solana Coins that are now in circulation.
Due to a configuration error on a single node, the Solana blockchain had a network outage on October 1, 2022. SOL also experienced numerous network disruptions, which caused transaction delays of several hours. Austin Federa, the director of communications at Solana, rejected the value reduction because that is not how blockchain works.
Sollet Bitcoin in Trouble?
After FTX filed for bankruptcy, Sollet Bitcoin, a tokenized form of Bitcoin on Solana, lost its price peg to the main cryptocurrency. FTX was in charge of keeping the Bitcoin that supported those tokens, but according to November 10th balance sheet disclosures, the exchange had no Bitcoin on its asset side.
As of that time, the Solana Foundation is said to have held an additional $40 million in exposure to Sollet-based assets, including soBTC. It continued, “At this time, the status of the underlying assets is unknown.”
SOL reached an all-time high in November of last year $259. Solana claimed that its network has not experienced any notable issues as a result of the FTX fallout, despite the losses. There have reportedly been various outages on the blockchain in the past.