The fallout from the collapse of Sam Bankman-Fried’s FTX continues to rattle so-called “Sam coins” and projects, including Solana’s SOL and Solana-based “decentralized” exchange Serum.

Bankman-Fried and Alameda Research have been fond friends of Solana for many years. According to an FTX balance sheet The exchange was shared with investors shortly before the company filed for bankruptcy. held $982 million SOL.

Solana’s close ties with Bankman-Fried, FTX, and Alameda has worried investors and developers alike, which has been reflected in the market. SOL’s price is down 58% In the last seven days, current trading is at $13. That’s down 93% From its record-breaking November high.  

What’s more, the biggest asset listed on the FTX balance sheet was $2.2 billion of SRM, the token representing Serum, which as tanked 71% In the past seven days, trading was at $0.22 An additional connection to battered FTX is the an apparent $600 million hack on FTX also pushed down SRM prices, stoking fears that Serum’s private keys might be at the mercy of FTX and former employees.

“The hack shows that someone malevolent has access to private keys at FTX,” Solend developer Rooter recently used the pseudonym Rooter. told CoinDesk

In turn, Serum developers forked the program To separate from FTX, and to protect the entity. 

“The devs that depend on Serum are forking the program because the upgrade key to the current one is compromised,” Solana founder Anatoly Yakovenko tweeted on Saturday. “This has nothing to do with SRM or even Jump. A ton of protocols depend on Serum markets for liquidity and liquidations.”

Time will show how many assets or projects Bankman Fried is able and willing to recover.

“The industry will have a better lay of the land when we can look months or even weeks ahead, but right now everyone is taking things by the hour,” Michael Safai, cofounder of Dexterity Capital, recently spoke The Sunday Review.

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