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Concerning the FTX drama and collapse, a crypto influencer named Bitboy claimed that the Solana Blockchain was densely controlled by Alameda Research, which is affiliated with FTX.

Solana And Alameda Research’s Connection

As the fallout from the FTX crash continues to heat up in the crypto market and space, more speculations and truths emerge day by day.

In light of Solana’s intense involvement in the FTX disaster, Binance announced its decision to eliminate trading pairs for Serum tokens. This Serum token is associated with the Solana Partnership.

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After being tragically affected by the FTX crash, which saw a drop of more than 50%, the struggle for survival has continued, with no significant increase in Solana’s price.

With the market still rife with Fear, Uncertainty, and Doubt (FUD), it is possible that this token will continue to fall.

According to a recent report by Bitboy, a crypto influencer, Alameda Research was still able to make transactions on the platform’s blockchain during the period when Solana halted transactions on its platform.

Bitboy also issued warnings to the crypto community, stating that any position they have in the blockchain, whether short or long, should be abandoned and their funds moved to safety.

As a result of FTX Alameda Research’s significant investment on the Solana Blockchain, the Solana token was unable to withstand the disaster that followed the crash, recording a significant massive drop in price of more than 50%.

Bitboy revealed in a tweet that when Solana halted transactions on its platform, Alameda Research used this opportunity to launder money, and he advised all Solana investors to move their funds to safety.

Solana Denies Allegations

However, Solana’s communications director, Austin Federa, strongly denied these allegations. stating that this is not how their operations are conducted

At the time of publication, the price of solana had dropped to $14 but had increased by nearly 1%.

Network outages on the Solana blockchain have previously been a recurring issue due to site congestion, particularly during the Solana summer, which was the season of Solana NFTs.

Another major outage was recently recorded on October 1st, which was caused by a misconfigured node on the blockchain. It had previously recorded an outage due to the support structure. These outages have resulted in the platform suspending trading activities for several hours.

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Richard Hines

By Richard Hines

Richard Hines is a respected news writer and analyst with a knack for uncovering the key elements of a story. His articles are insightful, informative, and thought-provoking, providing readers with a nuanced understanding of complex issues.