FTX Unstakes $431M in SOL, Largest Since November
1min read FTX and Alameda wallets have unstaked over $431 million in SOL tokens, marking their largest SOL unlock since November 2023. On March 4, blockchain analytics firm Lookonchain flagged the wallets unstaking 3.03 million Solana (SOL), worth around $431 million at the time of the unlock. Following the unstaking, the bankrupt crypto firms deposited about 25,000 SOL, worth roughly $3.3 million, at Binance.
The most recent unlock is FTX and Alameda’s largest since November 2023, when the companies unstaked 2.1 million SOL, worth $141 million. Since then, the bankrupt crypto firms have consistently unstaked millions in SOL and sent the assets to exchanges. FTX and Alameda have offloaded a total of 7.83 million SOL, worth around $986 million, to Coinbase and Binance at an average price of $125.80 per SOL.
Although FTX and Alameda unlocked more than $400 million in SOL, the firms may not be able to sell all the tokens in a single transaction. In September 2023, the Delaware Bankruptcy Court approved FTX’s plan to sell digital assets, imposing strict limits on liquidation amounts. Under the court ruling, the bankrupt exchange can sell digital assets weekly through an investment adviser, with an initial limit of $50 million in the first week and $100 million in subsequent weeks. If FTX seeks to sell more, it must request court approval to raise the limit to $200 million per week.
The unstaking of SOL tokens comes as FTX repays some of its former users who lost funds in the exchange’s collapse. On Feb. 18, FTX started distributing about $1.2 billion in digital assets to customers impacted by its bankruptcy. While seen as a positive step toward the industry’s recovery, the repayments have faced challenges, particularly for customers based in jurisdictions that do not qualify for distributions. On Feb. 21, FTX creditor and advocate Sunil Kavuri shared a list of 163 jurisdictions ineligible for FTX repayments, highlighting the complexities of the repayment process.
