Another $11b for FTX users as Alameda founder sentenced; SOL surge incoming

The founder of Alameda has been sentenced, and FTX users are receiving $11 billion in payments: will this lead to a surge in SOL’s price?

The cryptocurrency community is excited as the end of 2024 draws near. Notably, market researcher MartyParty emphasized this development by citing verifiable proof from FTX clients on their true plans to withdraw. His remarks were in response to a post on X (formerly Twitter) when a user discussed their experiences with the ongoing bankruptcy case of FTX.

Following that, a lot of people are expecting Solana (SOL) to soar in the upcoming weeks. Meanwhile, a lot of investors are buying this currency, DTX Exchange (DTX), which has the potential to greatly increase their investment.

What was the reason behind the FTX collapse?

In 2022, FTX had major challenges. The corporation had been risking its clients’ money by secretly moving it to Alameda Research, a firm operated by SBF and his close associates. When Alameda incurred significant losses due to faulty investments, FTX was unable to repay user funds when requested.

As word spread about FTX’s financial problems, several clients attempted to withdraw their accounts, but FTX did not have enough funds to pay the withdrawals. This led to the company’s demise. In November 2022, SBF was obliged to declare bankruptcy, admitting that FTX was unable to pay its debts and requested court aid.

Caroline Ellison, former Alameda CEO, sentenced to two years in prison

Former Alameda Research CEO Caroline Ellison received a two-year jail term for her involvement in a significant fraud that caused the cryptocurrency exchange to fail. Ellison acknowledged assisting in the theft of billions of dollars from clients. Sam Bankman-Fried co-founded Alameda Research, a cryptocurrency trading company associated with FTX.

She apologized and asked for a reduced term at her sentencing, saying she was embarrassed by the damage she had caused. Her assistance in forming the case against her ex-boyfriend Sam Bankman-Fried, who was given a far harsher 25-year term, was acknowledged by the prosecutors. The judge did determine that some jail time was required, though.

Solana whale is making selling pressure by unstaking SOL

A Solana whale took certain coins from staking and transferred them to Binance. The trade of 200K Solana, worth $29.8 million, lead in Binance deposit. The assets were gathered during the last three days. The whale account was founded in August 2023 and has remained mainly dormant. A series of transactions occurred in June and July, and then again at the end of September.

Withdrawing almost $100,000 Solana less costs and transferring the money to Binance is the whale’s signature. The wallet only stores and transmits Solana as a relay address for unstaked tokens.

There are only 217 Solana wallets of this size involved in Solana staking. This group of whales owns almost 13% of staked Solana. A price collapse from $170 to $129 was exacerbated by the same whale unstaking $178 million worth of Solana in July.

DTX Exchange crosses $2.8m in presale, attracting more investors

By providing unbanked individuals with access to the financial markets using transparent ledger technology, DTX Exchange aims to promote financial inclusion. As stated in their whitepaper, DTX Exchange (DTX) seeks to “enable every individual to participate in the digital economy.” Whales have been putting money into the DTX Exchange at a fast pace over the past few weeks.

The cryptocurrency ICO has raised more than $2.8 million in investment. The reason for the increase in support for DTX Exchange is its comprehensive trading platform, which caters to the demands of all kinds of traders. Whales are certain that the DTX currency, which is now trading at $0.06, might reach a price of $1. This explains why interest in the initiative is rising.

To learn more, visit the presale website, visit the DTX website and join the DTX community.