- FTX CEO Sam Bankman-Fried believes Solana is the most underrated token
- His comments have come at a time when the network is battling an intense hack that resulted in draining $8 million worth of user funds.
In an interview with Fortune, FTX exchange CEO Sam Bankman Fried outlined his opinions on Solana cryptocurrency. He further added how he believes Solana is the most underrated cryptocurrency out there despite the crypto being recently embroiled in a million-dollar wallet hack.
On August 3, Solana had landed itself in troubled waters after reporting a temporary breach in its wallets that drained nearly $8 million worth of user funds.
SBF Is Bullish On Solana
Despite Solana being in hot waters as of late, FTX CEO Sam Bankman Fried had made it clear that the currency will soon be able to clear its mess. In an interview with Fortune, the FTX CEO added that Solana possesses great future potential. He further went ahead a notch to add how he thinks Solana is the most underrated token presently.
“Solana’s SOL is the most underrated token right now … at least as of a month ago,” SBF told Fortune.
Solana’s recent wallet hack had made several headlines when it was reported in the early hours of August 3. The hack had resulted in draining nearly $8 million of user funds.
However, Bankman-Fried still maintains an impartial stance towards Solana, adding that the hack may have resulted due to a buggy app and not because of a breach in Solana’s protocol.
this is a good example of how something can be under-rated
a random dAPP gets compromised and it’s blamed on the underlying blockchain. (To be clear, no core or internal infra had any issues! It was just a single third-party application some people used…)
in other news… https://t.co/je6r9v4jmj pic.twitter.com/bMJHRULgJB
“This wasn’t a core blockchain problem, likely seems like one app someone built was buggy,” SBF told Fortune via an email
Turns out, SBF’s opinion concerning the wallet being buggy was spot-on, as the network later updated its users that it was indeed a compromised app issue.
This exploit was isolated to one wallet on Solana, and hardware wallets used by Slope remain secure.
While the details of exactly how this occurred are still under investigation, but private key information was inadvertently transmitted to an application monitoring service. 2/3
In addition to this, SBF believes that Solana has immense growth potential adding that the network has visibly worked through a lot of its mess, and will continue to do the same in near future.
“I think it had a lot of bad PR over a short—I think it sort of deserved that, to be clear: Technologically, it had a lot of shit to work through,” SBF added. “But, I think it has already worked through two-thirds of that. I think it will get through the other third.”
Founded in 2020, Solana was launched as a fast and reliable blockchain network built on proof-of-stake consensus. With time, the network expanded its use cases by infiltrating the NFT and DeFi domains.
However, the network had experienced a fair share of outages and downtime which had affected its token pricing and had also impacted its overall reliability factor. Solana’s recent wallet hack had also added fuel to the fire, affecting the entire SOL ecosystem. Despite such hurdles and obstacles, SBF maintains a bullish stance toward Solana, adding that the hurdles will ultimately help Solana refine its technology even better than before.
“Anytime you test the limits of what’s possible, that’s when you figure out what breaks. Any blockchain would have broken if it tried to do what Solana had done, and this was a way for it to figure out what needed to be refined and what needed to be improved.” SBF later adds
However, it is to be noted that SBF had established multiple ties with Solana in the past through multiple ventures. Bankman-Fried had invested in Solana through his trading firm Alameda Research. SBF is also known to have participated in a $314 million funding round for Solana Labs, alongside building a decentralized exchange On Solana called Serum.
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