FTX Stakes $150 Million in SOL and ETH amid Sam Bankman-Fried's Trial

<p>The bankrupt cryptocurrency exchange, FTX has staked
crypto assets worth $150 million in Solana's SOL and Ether (ETH). Blockchain
addresses connected to the crypto exchange show that over 5.5 million SOL,
valued at $122 million, and over 24,000 ETH, worth $30 million, have been
staked, Coindesk reported. </p><p>Staking involves locking up cryptocurrencies on a
blockchain to assist in maintaining the network, and, in return, participants
receive token rewards. This move by FTX is expected to yield a return as the
crypto exchange's Founder, Sam Bankman-Fried (SBF), faces trial.</p><p>FTX Eyes Millions in Returns from Staking</p><p>FTX's SOL tokens were staked on Figment, a popular
staking platform. Here, the staked amount is expected to earn an annual return
of 6.79%. This could potentially result in over $8 million in compounded SOL
tokens over time. Meanwhile, transactions on <a href="https://www.financemagnates.com/terms/e/ethereum/">Ethereum</a> show that the ETH was
staked directly on the network, with an annual return of 3.4%, translating
to around $1 million in ETH tokens.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a>: Over 5.5 million <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> (SOL) were sent by an <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a>-identified wallet to <a href="https://twitter.com/hashtag/Figment?src=hash&amp;ref_src=twsrc%5Etfw">#Figment</a>, a staking validator service catering to institutional investors.