Solana is set to release 11.2 million SOL tokens today, valued at approximately $1.57 billion. This unlock is part of the ongoing bankruptcy process for the defunct FTX exchange.

Notably, the unlock comes as mounting legal expenses are making FTX bankruptcy one of the most costly Chapter 11 cases in US history.

A Massive Solana Token Unlock for FTX Bankruptcy Estate

On-chain data shows that the unlocked SOL represents about 2.2% of Solana’s circulating supply, which currently stands at 488 million tokens.

Still, the FTX estate has two additional smaller SOL unlocks in the coming months. On April 1, 12,700 SOL will be released, followed by 73,700 SOL on May 1.

These tokens were part of FTX’s holdings, which had been sold at discounted rates to investors in previous auctions.

Sunil Kavuri, a leading creditor advocate, revealed that FTX had liquidated 41 million locked SOL across three auctions. According to him, the buyers included crypto investment firms like Galaxy Digital and Pantera Capital.

Indeed, Galaxy Digital, the largest buyer, secured 25.5 million locked SOL at $64 per token, well below the current market price of $144.

Pantera and other firms made their purchases at approximately $95 per token. Meanwhile, Figure and its partners acquired SOL at $102.

Arthur Cheong, founder of DeFiance Capital, confirmed his participation in Galaxy Capital’s over-the-counter (OTC) sale. He stated that he purchased an undisclosed amount of SOL at $64 per token. Cheong also mentioned that he has no plans to sell, as he anticipates a significant price increase.

“Participated in the SOL OTC deal at $64 via Galaxy and received the bullet unlock today. Not selling a single one of them. I think it will be substantially higher in 3 months,” Cheong stated.

Meanwhile, the release of SOL tokens raises concerns about potential selling pressure. A flood of new tokens could increase supply and push prices downward.

Over the past week, Solana’s price dipped to a four-month low of around $136 amid a broader crypto market decline. However, the digital asset’s value has since rebounded to approximately $140 as of press time.

Moreover, this development comes as FTX’s bankruptcy proceedings entered a critical phase, with initial creditor distributions underway.

However, the legal expenses tied to the case are nearing a staggering $1 billion, positioning it among the most costly Chapter 11 filings in US history.

This week in crypto, the Lazarus Group stole $1.5 billion from Bybit, yet the exchange has sustained the damage and remained operational. US Bitcoin ETFs saw a record $2.6 billion outflow turning BTC bearish and impacting major crypto stocks. At the same time, meme coin scams on social media are still on the rise.

On the regulatory front, the SEC dropped its lawsuit against Coinbase, prompting one Commissioner to accuse it of open corruption. Meanwhile, the recently launched Pi Network is being accepted by some Florida businesses.

Lazarus Group Pulls Off $1.5 Billion Hack

One week ago, Bybit, a leading crypto exchange, was hacked. With $1.5 billion in damages, it was the most successful crime in crypto history. A few conflicting narratives circulated throughout the community, but famous sleuth ZachXBT cracked the case.

The culprit was none other than the Lazarus Group, a North Korean hacker collective.

“At 19:09 UTC today, ZachXBT submitted definitive proof that this attack on Bybit was performed by the Lazarus Group. His submission included a detailed analysis of test transactions and connected wallets used ahead of the exploit, as well as multiple forensics graphs and timing analyses. The submission has been shared with the Bybit team,” Arkham claimed.

The Lazarus Group conducted a sophisticated security breach that sought to exploit Bybit’s wallet signing process. Safe Wallet confirmed that the hackers were able to breach its infrastructure but claimed its smart contracts remain secure.

Several community figures criticized its statement as too vague. Bybit, for its part, has rebuilt its reserves through several methods. The industry and crypto community have applauded the exchange’s excellent crisis management.

SEC Drops Coinbase Lawsuit, Dissension in the Ranks

After hinting that it would do so for weeks, the SEC finally dropped its lawsuit against Coinbase this week. Brian Armstrong, the crypto exchange’s founder and CEO, pre-emptively announced that he and the SEC struck a deal, but it took a few days for everything to finalize.

“Great news! After years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country, we reached an agreement with SEC staff to dismiss their litigation against Coinbase. Once approved by the Commission (which we’re told to expect next week) this would be a full dismissal, with $0 in fines paid and zero changes to our business,” he said.

The Commission has been dropping several lawsuits and enforcement probes into the crypto industry this week. However, the SEC’s lawsuit against Ripple is still active, and there’s no clear hint of when it will end.

Additionally, these actions have attracted criticism from within the Commission.

Earlier today, Commissioner Caroline Crenshaw publicly lambasted the SEC’s shift towards the crypto industry. She accused its leadership of willfully ignoring 80 years of precedent to deliberately favor a political faction.

Moreover, she did not offer to resign and will remain an active Commissioner for over three months. This is a shocking upset to the SEC’s normal operations.

Bitcoin Drops 17%, Damaging ETFs and Corporate Holders

Strategy (formerly MicroStrategy), one of the world’s largest Bitcoin holders, recently spent nearly $2 billion on the asset. However, this did not help the company’s stock price, following sharp drops in BTC itself.

This fueled concerns that Strategy may have to liquidate some of its crypto holdings, as it might be overleveraged into the asset.

“Forced liquidation of MSTR is not necessarily impossible. But, it is highly unlikely. It would need a “mayday” situation to occur,” one commentator claimed.

Since those rumors started two days ago, things have gotten worse. Several key metrics are showing a decline in Bitcoin, and it’s proved contagious. Bitcoin ETFs had $2.6 billion in outflows this week, and corporate Bitcoin holders like Strategy and Tesla are all dropping.

Liquidations are up, and the Federal Reserve is predicting economic downturns; it looks like a bear market.

Pi Network Gets Institutional Adoption in Florida

Pi Network, one of the highly-anticipated crypto projects, made new headway in institutional acceptance this week. According to several social media posts, a Florida real estate company is now accepting Pi tokens. Cube Motor, a car dealership in the state, also set up similar infrastructure.

“American film producer and actor James J Zito is currently the director of Zito Realty, a real estate company in Florida, USA, which accepts real estate transactions with Pi coins,” the post read.

Pi Network is generating huge amounts of hype, with Binance’s community overwhelmingly voting to list the token. However, not everyone in the crypto sphere is thrilled with the project.

Before the hack, Bybit CEO Ben Zhou called the project a scam and a pyramid scheme. Its price is showing a few signs of market fatigue, but nothing definitive has happened yet.

Meme Coin Scams Are On the Rise

Kanye West, a famous American rapper, may or may not be wrapped up in a social media scam. Earlier this month, he denied involvement with any extant Kanye meme coin but allegedly planned to launch his own.

However, some crypto sleuths are speculating that he sold his X account to Barkmeta for $17 million, enabling a major fake token scam.

“Kanye West sold his X account for $17 million. The most anticipated meme coin launch is Barkmeta’s rug pull. The chance of YE’s sold account is above 95%. I do not recommend you to buy Kanye’s meme coin in any case,” a sleuth named Blade claimed.

A scam-centric paranoia is circulating through the crypto space, and the Bybit hack is only helping matters. Pump.fun’s social media account was hacked to promote a scam this week.

After the initial posts were deleted, the hackers were able to advertise another scam on the same page minutes later. Fears are building that this chaos is damaging the industry’s reputation.

In short, a lot has happened in crypto this week. Major crimes and bearish market conditions go alongside political developments and institutional adoption.

Smart Money Wallets are actively accumulating five promising cryptos: AI Rig Complex (ARC), Toly’s Minutes (TOLY), Euler (EUL), OX Coin (OX), and Solana Social Explorer (SSE). ARC leads the pack with over $900,000 in netflow, signaling renewed interest in AI coins, while TOLY has attracted $665,000.

EUL is seeing renewed investor confidence with $232,000 in netflow despite a recent sharp correction, and OX is gaining traction with $182,000 as it pioneers meme-based perpetual trading. SSE rounds out the list with $150,000 in accumulation.

AI Rig Complex (ARC)

Smart Money Wallets have accumulated a netflow of over $900,000 worth of ARC in the last seven days, sparking speculation about a potential rebound in artificial intelligence coins.

This buying activity suggests growing confidence among influential investors, possibly signaling a shift in sentiment towards the AI sector.

Despite this accumulation, ARC remains down nearly 30% in the last 30 days.

With a market cap of $228 million, ARC is currently one of the largest AI coins in the market. It faces strong resistance at $0.288, and breaking this level could trigger a rally towards $0.45.

However, if the current correction continues, ARC could test the support at $0.178, and if that level fails, it could drop further to $0.14.

toly’s minutes (TOLY)

Toly’s Minutes (TOLY) is a token linked to the SocialFi platform time.fun, which operates on the Solana blockchain. Developed by Toly, a co-founder of Solana, the platform introduces a unique concept of tokenizing time, allowing creators to monetize their interactions with fans.

Through time.fun, creators can sell their time as tradable tokens, enabling fans to purchase minutes for activities like consultations, group chats, and live streams.

In the last seven days, Smart Money Wallets have accumulated nearly $665,000 worth of TOLY.

If the hype continues, TOLY could test a resistance at $103, and breaking that level could trigger a rally toward $134. Conversely, if momentum fades, TOLY could drop to $58, and if that support is lost, it could decline further to $34.

Euler (EUL)

The Euler (EUL) token is a core component of the Euler v2 modular lending platform, which seeks to transform decentralized finance (DeFi) by offering a flexible and scalable ecosystem for lending and borrowing.

By enabling a more efficient and customizable DeFi experience, Euler aims to set new standards for decentralized lending markets.

Despite experiencing a sharp correction of 25% in less than two days, Smart Money Wallets accumulated a netflow of $232,000 worth of EUL in the last seven days, signaling renewed investor confidence. If EUL can recover from its recent crash, it could rise to test resistance levels at $5.71 or even $5.98.

Conversely, if another correction occurs, EUL could test support at $4.71 or $4.37, and if these levels fail, it could decline further to $3.94. These support and resistance levels will be key in determining EUL’s next directional move.

OX Coin (OX)

The OX Coin (OX) is designed to power next-generation perpetual trading, with a special emphasis on meme coins. It operates on the OX.FUN platform, enabling users to trade with unique features such as earning 100% APR on meme deposits and participating in community-driven competitions with a $20,000 prize pool.

The platform aims to provide a fun and engaging trading experience by allowing users to deposit memes for trading at competitive margin rates.

Despite being down 55% in the last seven days, some Smart Money Wallets are accumulating OX, with a netflow of $182,000 recorded on the Base chain.

If OX can recover from the recent correction, it could test resistance at $0.01 and potentially rise to $0.015. Conversely, if the correction continues, OX could drop to $0.0031.

Solana Social Explorer (SSE)

SSE is designed to enhance the trading experience for memecoins within the Solana network, supporting a broader initiative led by the platform’s Meme Research Institute.

This initiative focuses on curating high-quality memecoins by analyzing on-chain data and project backgrounds.

In the last seven days, Smart Money Wallets accumulated nearly $150,000 worth of SSE, signaling growing interest among influential investors. If this accumulation drives a bullish trend, SSE could test the resistance at $0.034.

Conversely, if the price faces a downturn, SSE could test the support at $0.016. If that level is lost, it could decline further to $0.0086.