The Solana Foundation announced its financial ties to FTX
Most major cryptocurrencies have dropped dramatically in the last week as a result of the destruction of popular exchange FTX. Particularly, Solana (SOL) has taken a tougher pounding than most because of its ties to FTX.
Today, the Solana Foundation detailed the extent of its financial links to the crumbling FTX empire. The Solana Foundation said that it had approximately $1 million worth of cash or equivalent assets on FTX as of November 6, before the site stopped processing customer withdrawals. These assets are now stuck on the platform, pending the result of FTX’s bankruptcy proceedings. According to the Foundation, the amount is less than 1% of its funds.
Ethereum whale wallet reactivates after 7 years of hibernation
An Ethereum address with 500 ETH, worth approximately $631,000, has apparently been activated after 7 years. It is unknown why the address was activated after all these years. The crypto community started joking that the co-founder Vitalik Buterin had accidentally discovered an old wallet under his bed.
The funds in question seemingly went to William Sutanto, CTO of the Indonesian exchange indodax.
TeraWulf raised $17M of capital
Bitcoin mining company TeraWulf (WULF) raised $17 million in capital in the third quarter, but its liquidity remains at $4.5 million.
The $17 million came from $9.5 million in equity from existing investors and $7.5 million of incremental proceeds under a term loan. The Monday statement said that $138.5 million of principal under the term loan was outstanding at the end of the quarter.
Cash flow has proven to be a main determinant of miners’ ability to navigate the bear market, with some major miners facing liquidity crises that could even lead them to bankruptcy.