2022 has not been kind to the crypto market. Among the biggest blows of the year was the collapse of the FTX exchange. When FTX declared bankruptcy, it sparked a chain of events that pulled the entire crypto market down with it. Even now, the ripples of the FTX collapse continue to haunt the crypto-verse. News of the judge withdrawing from the FTX case, the drop in the price of Solana (SOL), and the sharp rise in the value of Snowfall Protocol (SNW) – they all seem to be closely related.
Judge Withdraws from the FTX Case
The FTX bankruptcy case has been anything but dull. The legal proceedings took yet another exciting turn when the District Judge, Ronnie Abrams, recused herself from participating in the case. She brought to the court’s notice a possible conflict of interest.
Greg Andres, husband of the judge, Ronnie Abrams, works as a partner at a law firm that advised FTX in 2021. She clarified, “My husband has had no involvement in any of these representations…Nonetheless, to avoid any possible conflict, or the appearance of one, the court hereby recuses itself from this action.”
It is worth noting that Greg Andres had previously been working for the Eastern District of New York in the capacity of Assistant United States Attorney. Andres was responsible for prosecuting criminal fraud and investigations involving foreign bribery.
Solana On a Downtrend
Solana (SOL) has been one of the fastest-growing cryptocurrencies before the collapse of FTX. In fact, FTX was among the biggest supporters of Solana (SOL). On examining the balance sheet of FTX, it was found that FTX held around $100 million in Solana tokens. When FTX went down, naturally, the value of Solana (SOL) also fell dramatically.
The fall of FTX only exacerbated the existing problems with the Solana (SOL) blockchain. Solana (SOL) pegged itself as a reliable and efficient network for crypto transactions. However, Solana has suffered through multiple outages lasting multiple hours many times. So, Solana (SOL) is not able to deliver on its primary use case, a crisis that has only exacerbated in the aftermath of the FTX collapse.
The Rise of Snowfall Protocol (SNW)
Snowfall Protocol (SNW) was launched in a year when every cryptocurrency was facing selling pressures. However, this did not affect the presale of the Snowfall Protocol (SNW). The main reasons for the success of Snowfall Protocol (SNW) have been its primary use case of interoperability and the developers’ vision.
When the stage 3 sale started, Snowfall Protocol (SNW) had already appreciated 250% in value compared to its price in the stage 2 sale. Snowfall Protocol (SNW) is already helping its users to earn passive income with its rapidly multiplying price.
In addition, Snowfall Protocol (SNW) has also successfully presented its first dApp prototype. All these developments have taken place before the launch of the crypto, which is scheduled for January 3, 2023. Experts are predicting the price of Snowfall Protocol (SNW) to increase by 1,000% after its launch.
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Source: https://coinpedia.org/press-release/judge-withdraws-from-ftx-case-solana-drops-snowfall-protocol-rises-sharply/