Solana Is Trying to Break Its Ties With Bankrupt FTX (Podcast)

The blockchain network wants to distance itself from the FTX implosion.

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Crypto exchange FTX’s collapse last November was one of the most spectacular and swift downfalls in the history of crypto. As the bankruptcy dust begins to settle, investors and others wonder what will happen to crypto startups closely tied to the former exchange. Solana is one example, with FTX’s former CEO Sam Bankman-Fried having championed the blockchain network. He publicly appeared with one of its co-founders at various conferences and industry talks. Plus, FTX and Alameda bought nearly $580 million dollars worth of Solana’s native token, SOL. The company also supported various projects that operated on the Solana blockchain.

Now, FTX’s former CEO faces eight criminal counts including fraud. The collapsed exchange is struggling to repay its creditors. So, where does that leave Solana? Bloomberg’s Hannah Miller joins stacy-marie ishmael to share her reporting.

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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.

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