The bankrupt cryptocurrency exchange FTX and its associated trading firm Alameda Research have recently unstaked approximately 3.03 million Solana (SOL) tokens, valued at around $431 million.
This marks their largest unlock in several months, according to blockchain analytics firm Lookonchain.
This move is part of an ongoing pattern, as FTX and Alameda have been steadily unstaking and selling off assets since November 2023, when they first unstaked 2.1 million SOL, worth $141 million. Since then, both entities have continued to release millions of dollars in SOL and transfer them to major crypto exchanges. Following the latest unstaking, the firms deposited around 25,000 SOL (worth approximately $3.3 million) to Binance, hinting at a possible liquidation.
Despite the significant volume of SOL being unstaked, FTX and Alameda face restrictions on selling assets due to a court-imposed cap following the approval of a liquidation plan by the Delaware Bankruptcy Court in September 2023. Initially, they can sell up to $50 million worth of tokens per week, with the cap increasing to $100 million in later weeks. To exceed these limits, FTX must obtain court approval, which could allow for weekly sales of up to $200 million.
According to blockchain tracking platform Spot On Chain, FTX has unstaked 7.83 million SOL since November 2023, valued at nearly $986 million, primarily moving assets to Binance and Coinbase at an average selling price of $125.80 per SOL. This liquidation is part of FTX’s effort to repay creditors following its collapse in 2022. On February 18, FTX began distributing about $1.2 billion in digital assets to eligible customers, aiming to restore investor confidence, though the process has faced complications.
On February 21, FTX creditor and advocate Sunil Kavuri revealed that 163 jurisdictions had been deemed ineligible for repayments. Kavuri noted that many customers from these regions had filed claims, but FTX was still reviewing possible solutions for affected users.
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