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Solana Foundation Lost Nearly $200 Million After FTX Collapsed – This is What You Need to Know

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cryptonews.com

The Solana Foundation lost close to $200m in the epic collapse of crypto exchange FTX, and says it remains an open question if any of it can be recovered in the aftermath of the bankruptcy.According to a newly updated report, the Solana Foundation held approximately $1m in cash, 3.43m FTT tokens and 134.54m SRM tokens on FTX as of November 6, the date when the exchange ceased to process customer withdrawals.Using pricing from just before the collapse when FTT traded at $22 and SRM at around $0.8, these digital assets were worth a combined $183m.Additionally, the Foundation also said it held approximately 3.24m shares in FTX Trading LTD, the main corporate entity behind FTX.com.

However, the loss from these shares is more difficult to evaluate given that FTX was not a publicly traded company.A funding round in early 2022 valued FTX at around $32bn.The Foundation stressed in its report that it did not have any SOL tokens custodied on FTX.com at the time of the collapse.

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