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Former FTX CEO Sam Bankman-Fried (SBF) makes a shocking revelation about his early investment in Solana, saying that he bought SOL at $0.20 per unit.<\/span><\/strong><\/p>\n Sam Bankman-Fried (SBF), the former CEO of bankrupt crypto exchange FTX, has made a shocking revelation about his early investment in Solana (SOL).<\/span><\/p>\n Bankman-Fried, who recently\u00a0<\/span>took the witness stand<\/span> at his ongoing trial in a Manhattan courthouse, disclosed that he purchased SOL when a unit was changing hands at $0.20. Notably, SBF did not reveal how much SOL he acquired at $0.20.<\/span><\/p>\n However, the founder of FTX\u00a0<\/span>claimed<\/span> he invested in SOL using Alameda Research\u2019s profit and not customers\u2019 deposits, as alleged by U.S. prosecutors.<\/span><\/p>\n – Advertisement –<\/span><\/p>\n It bears mentioning that SBF\u2019s statement contradicts previous claims by FTX co-founder Gary Wang. In the early phase of SBF\u2019s trial, Wang testified earlier this month that the exchange used customers\u2019 funds to settle loans obtained by Alameda Research.<\/span><\/p>\n Top media outlet Wall Street Journal (WSJ) also\u00a0<\/span>reported<\/span> that FTX employees discovered a secret backdoor that Alameda Research exploited to withdraw billions of dollars from the exchange.<\/span><\/p>\n Meanwhile, many crypto enthusiasts have been stunned at the fact that SBF invested an undisclosed sum in SOL when a unit was sold at $0.20.<\/span><\/p>\n With SOL currently worth $33.61, the founder of FTX could be sitting on a massive profit if he still holds the asset.<\/span><\/p>\n Since its launch in 2020, Solana has recorded tremendous growth in terms of adoption and utility. Notable venture capitalists, including Andreessen Horowitz, Alameda Research, and Polychain Capital, have invested in Solana.<\/span><\/p>\n On November 6, 2021, a unit of SOL spiked to an all-time high of $259.96, according to CoinGecko\u00a0<\/span>data<\/span>. However, the price of SOL took a major hit following the collapse of the FTX crypto exchange. SOL is currently among the top-performing crypto assets, up 239.7% year-to-date (YTD).<\/span><\/p>\n Interestingly, prominent investment management firm VanEck recently gave a bullish forecast regarding SOL. VanEck\u00a0<\/span>predicted<\/span> that SOL could surge to a whopping $3,211 by 2030. Furthermore, the asset manager also indicated $10 as its bear case prediction for SOL in 2030.<\/span><\/p>\n In other news, Attorney John Deaton raised questions about the technical capabilities of Solana, asking the crypto community whether they still refer to the blockchain as \u201cETH Killer.\u201d<\/span><\/p>\n What are people\u2019s honest thoughts about #SOL today? I know Caroline Ellison called it the VC\u2019s Blockchain during the SBF trial and I know SBF\/FTX was a huge proponent before the collapse. I also know VanEk recently said by 2030 it will be between $10 and $3K. Is it still called\u2026<\/p>\n \u2014 John E Deaton (@JohnEDeaton1) October 29, 2023<\/p>\n<\/blockquote>\n It is worth mentioning that several crypto enthusiasts have been referring to Solana as \u201cEthereum Killer\u201d due to its ability to process transactions faster at relatively lower fees.<\/span><\/p>\n However, the title is fading away as a result of the multiple technical glitches Solana has experienced over the years.<\/span><\/p>\n Notably, Solana has suffered network outages that have sometimes left many users stranded. These technical issues prompted Cardano founder Charles Hoskinson to\u00a0<\/span>compare<\/span> the network to an old Nintendo console that requires fixing.<\/span><\/p>\n Follow Us<\/strong> on Twitter and Facebook.<\/span><\/p>\n Disclaimer<\/strong>: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic\u2019s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.<\/p>\n -Advertisement-<\/p>\n<\/div>\n<\/div>\nSBF Claims He Invested in SOL Using Alameda Profit\u00a0<\/span><\/h2>\n
Solana\u2019s Massive Growth<\/span><\/h2>\n
Deaton Raises Questions About Solana<\/span><\/h2>\n
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