The company addressed the reports on Saturday, November 14, at 8:58 p.m. ET through its official X account. Responding to an alert from SolanaFloor, Forward Industries stated: "This activity is not $FWDI and we did not execute this transaction."
Earlier reports from SolanaFloor and Lookonchain had associated approximately 1.78 million SOL in transfers with Forward Industries, identifying Coinbase Prime as the destination. The disputed amount represents roughly 20% of the company's previously disclosed SOL treasury, although the transaction does not confirm that Forward reduced its holdings.
Solana Blockchain Records Reveal Multiple Large Transfers
Transaction records show that the activity began at 6:41:02 p.m. ET on November 14, when two separate Solana stake accounts withdrew 1,031,935.916 SOL and 748,631.058 SOL into the same receiving wallet.
Blockchain analytics platform Arkham identifies the receiving address as "Coinbase Prime Deposit." Approximately 50 seconds later, that wallet transferred 1,882,812.141 SOL to another address identified by Whale Alert as Coinbase Institutional.
The larger outgoing transaction also included approximately 102,245 SOL from a third staking withdrawal that entered the deposit wallet at 6:41:02 p.m. ET.
Arkham attributes the two larger sending stake accounts to Forward Industries. Their addresses begin with 6W72b and Foa3X. The platform also labels the associated withdrawal-authority wallets as Forward's Coinbase Prime custody accounts.
However, blockchain labels and transaction records do not independently prove that Forward Industries controlled the signing wallets responsible for authorizing the withdrawals. This distinction is central to the disagreement between the company's denial and the initial attribution made by blockchain trackers.
Forward Industries Reports Nearly 8.73 Million SOL-Equivalent Holdings
Forward Industries' treasury dashboard reported holdings equivalent to 8,727,694 SOL as of November 9. The preliminary and unaudited figure includes SOL, the fwdSOL staking token and pledged SOL, while excluding borrowed SOL.
Based on CoinGecko's circulating supply figure of approximately 591.6 million SOL on November 14, the reported treasury represented roughly 1.48% of the cryptocurrency's circulating supply.
The reported $123 million transfer would therefore represent a substantial amount relative to the company's disclosed treasury. However, the disputed transaction should not be interpreted as a confirmed disposal or reduction of Forward Industries' SOL holdings.
Coinbase Prime Transfers Do Not Confirm a SOL Sale
Another important distinction concerns the destination of the transferred tokens. Although the receiving wallets were labeled Coinbase Prime and Coinbase Institutional, these designations do not establish that the SOL was sold on the market.
Coinbase Prime provides institutional services that include cryptocurrency custody, staking and trading. Consequently, transferring assets to a Coinbase-associated wallet could involve custody or staking arrangements rather than an immediate sale.
Neither the initial staking withdrawals nor the subsequent transfer provides direct evidence of a completed trade.
Forward Industries' public denial and the available blockchain records therefore leave an important question unresolved: who controlled the wallets involved in the transaction and what purpose the movement served.
For now, the reported movement of approximately 1.78 million SOL is confirmed by transaction records, but its attribution to Forward Industries and any resulting change in the company's treasury remain unverified.
source: thedefiant
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
