The FTX Collapse affected the SOL DeFi to an Extent of Loosing $700 Million since the Incident!

The Crypto world is crippled with incidences surrounding the crypto market crash, the recent FTX fiasco among some of the monumental incidences of Ethereum merging and transitioning to the Proof of Stake consensus. With so much happening all at once with FTX being bought by Binance and then pulling out on its offer, followed by FTX getting hacked, the whole of the crypto ecosystem is confused as to what happened. Here is a timeline of the incidents taking place to simplify what all took place since the beginning of November.

Back in November 2021, DeFi applications has made it possible for them to store more than $10 billion on the Solana network alone! The rise in SOL’s popularity was being led by some of the high-flying supporters that included Sam Bankman-Fried, the founder of the FTX crypto exchange, Multicoin Capital, Sino Global Capital among some other venture funds. Move to the present time, soon after FTX filed for Chapter 11 Bankruptcy and started facing proceedings, the value in SOL dropped by $300 million along with SOL loosing tens and millions of dollars, the amount of crypto that it had stranded in crypto assets on FTX, as reported by CoinDesk.

Also Read: The FTX Collapse affected the SOL DeFi to an Extent of Loosing $700 Million since the Incident!