CEO of FTX exchange Sam Bankman Fried says Solana is the most underappreciated crypto

CEO of FTX exchange Sam Bankman Fried discussed his views on the Solana cryptocurrency in an interview with Fortune.

He continued by saying that he thinks Solana is the most underappreciated cryptocurrency, despite the fact that it was recently the target of a million-dollar wallet breach.

On August 3, Solana reported a brief wallet breach that resulted in the loss of approximately $8 million in customer cash. As a result, Solana found itself in hot water.

Even though Solana has recently found itself in trouble, FTX CEO Sam Bankman Fried has stated that the currency would soon be able to sort out its problems. In an interview with Fortune, the FTX CEO noted that Solana had excellent future potential.

He went one step further and added that, in his opinion, Solana is currently the most undervalued token.

“Solana’s SOL is the most underrated token right now... at least as of a month ago,” SBF told Fortune.

Since it was announced in the early hours of August 3, Solana's most recent wallet hack has garnered a lot of attention. A little under $8 million in user cash was lost as a result of the breach.

Additionally, SBF thinks Solana has tremendous development potential and that the network has made significant progress in cleaning up its problems and will continue to do so in the 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.”

Solana was established in 2020 as a quick and dependable blockchain network based on proof-of-stake consensus. As the network gained access to the NFT and DeFi domains over time, its use cases grew.

But the network had seen its share of outages and downtime, which had an impact on the price of the tokens as well as the stability of the system as a whole.

The recent wallet attack by Solana, which had an impact on the entire SOL ecosystem, has also fueled the fire. SBF retains a positive position toward Solana despite these barriers and difficulties, saying that the barriers will help SOLANA technology 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.

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