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- 🌙 SBF Bought SOL for 20 Cents
🌙 SBF Bought SOL for 20 Cents
He stated that he believed the funds used for the purchases came from Alameda's operating profits and third-party lenders.
Mike Gavela
October 27, 2023
Crypto Roundup - Oct 27
Sam Bankman-Fried, former head of FTX and Alameda Research, revealed during his trial that he began purchasing Solana's SOL token at 20 cents, utilizing Alameda’s profits and loans. His substantial investments notably impacted the Solana ecosystem, with SOL's price at $32 at the article’s time. Crypto assets under management (AUM) have escalated to $31.7 billion, attributed to anticipation of the SEC approving Bitcoin ETFs, and showing a remarkable 74% growth in SOL-based products. Arbitrum Orbit is gearing up for its mainnet launch, offering customizable Ethereum scaling solutions and potentially lowering onboarding costs.
Top Stories:
Bankman-Fried’s SOL Investment: Significant SOL token investments from Alameda’s profits revealed in Bankman-Fried’s trial.
Growth in Crypto AUM: AUM for crypto assets surged to $31.7 billion with SOL-based products showing substantial growth.
Arbitrum Orbit’s Impending Launch: The Ethereum scaling solution is prepping for a mainnet launch, aiming to offer cost-effective and customizable chain solutions.
TOP STORIES
FUNDRAISES
ICYMI: Web3 game studio Moonveil Entertainment secures $5.4 million in seed round
— The Block (@TheBlock__)
1:09 PM • Oct 27, 2023
OTHER HEADLINES
CRYPTO TWITTER (X)
Sam mentions that if there was ever a user whose account went negative and the FTX insurance fund didn’t have enough money to cover the hit the losses would be “socialized” to other FTX users.
— Autism Capital 🧩 (@AutismCapital)
2:48 PM • Oct 27, 2023
Two-thirds of all bitcoin has not moved in over a year, an all-time high.
These people owned bitcoin when FTX blew up, and did not sell. They saw bitcoin rise more than 100% this year, and did not sell.
Do you expect them to sell now, before a bitcoin ETF is approved?
— Matt Hougan (@Matt_Hougan)
10:35 PM • Oct 26, 2023
SBF’s testimony has ACTUALLY begun before the jury today lol
— Tiffany Fong (@TiffanyFong_)
4:45 PM • Oct 27, 2023
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