A year ago, on a Thursday, the first step towards the collapse of Sam Bankman-Fried’s crypto empire, the FTX exchange, was taken.

On November 2, 2022, it was announced in an award-winning news story that Bankman-Fried’s trading firm, Alameda Research, was mysteriously overflowing with FTT tokens issued by the FTX exchange. This was the first sign that Alameda and FTX were in closer cooperation without Bankman-Fried’s approval and were financially at risk. It later became known that Alameda and Bankman-Fried, according to allegations being investigated by prosecutors, used FTX customers’ money without authorization.

FTX and Alameda

Nine days later, FTX and Alameda filed for bankruptcy. Bankman-Fried was arrested shortly thereafter and his trial for fraud and conspiracy charges is still ongoing. Also, the bankruptcy court process is ongoing. A crypto financial services company called Matrixport estimated that the company’s restructuring would return an average of 37% to creditors. This estimate seems like a high rate of return, considering the company was in freefall a year ago, struggling to save customers’ money and suffered a bad attack just hours after the company’s Chapter 11 filing.

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This recovery estimate can probably be considered quite conservative. Especially, the native token ’SOL’ of the Solana blockchain, a cryptocurrency and project supported by Bankman-Fried, has increased the value of the bankruptcy estate by approximately 1 billion dollars in the last two weeks.

FTX currently holds approximately 55.8 million SOL tokens, but the majority of these (42.2 million) are under lock and cannot be immediately bought and sold on the market.

Last month, reports emerged evaluating the market value of SOL assets held by FTX as an official debtor investment portfolio and set this value at 1.16 billion dollars. However, since that date, the value of the SOL token has risen to about $40 from about $20 per token.

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