Wallets tied to Sam Bankman-Fried’s dead crypto exchange FTX and bankrupt trading firm Alameda Research have unstaked over 3 million Solana tokens. This is the largest SOL unlock since it began selling off company tokens in November 2023.
Today (March 4), blockchain analytics firm @Lookonchain posted on X, showing that FTX and Alameda’s wallets have unstaked 3.03 million Solana. The SOL was worth roughly $430 million at the time of the unlock.
💥BREAKING:
FTX UNSTAKED 3,030,000 $SOL WORTH $412M YESTERDAY.
24,799 $SOL WORTH $3.38M WAS DEPOSITED TO BINANCE 8 HOURS AGO.
MARKET MANIPULATION INCOMING 🚨 pic.twitter.com/qrAgbXLJFT
— Crypto Rover (@rovercrc) March 4, 2025
Todays SOL Unlock The Largest To-Date From FTX And Alameda
Since unlocking the staked SOL, the bankrupt crypto firms have sent around 25,000 SOL to Binance. The total value of the transaction is roughly $3.3 million.
The most recent unlock is FTX and Alameda’s largest unstaking since November 2023. Back then, the companies unstaked 2.1 million SOL, worth $141 million at that time.
Although FTX and Alameda have unlocked more than $400 million in SOL, the firms may be unable to sell all the tokens in one hit. In September 2023, the Delaware Bankruptcy Court approved FTX’s plan to sell digital assets but put strict limits on liquidation amounts.
Under the official court ruling, the bankrupt exchange can sell its digital assets weekly via an investment adviser. There was an initial limit of $50 million in the first week, which has since been upped to $100 million for subsequent weeks.
If FTX wishes to sell more than its imposed limits, it must request court approval to raise the limit to $200 million weekly.
Of the 3.03M $SOL ($431.3M) unstaked by FTX/Alameda today, 24,799 $SOL ($3.38M) has been deposited to #Binance . https://t.co/D4j4l4yNuF https://t.co/uLkjQFwVId pic.twitter.com/ig2Jl2CcXl
— Lookonchain (@lookonchain) March 4, 2025
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FTX Has Now Unstaked Close To A Billion Dollars Worth Of SOL In The Past Two Years
FTX has unstaked 7.83 million SOL since November 2023, per blockchain analysis firm Spot On Chain. The analytics platform goes on to state that FTX and Alameda have sold all of the SOL for a total of around $986 million.
The Solana was sent to Coinbase and Binance to execute the sells at an average price of $125.80 per SOL. FTX’s unstaking of SOL tokens comes as the firm begins repayments to its former users who lost funds during the exchange’s collapse.
Last month, on February 18, FTX started distributing about $1.2 billion in digital assets to customers who suffered losses with its bankruptcy.
While this is a positive move for the market’s recovery, the FTX repayments have faced many challenges. The biggest issue has come for customers based in jurisdictions that do not qualify for repayment distributions.
FTX creditor and advocate Sunil Kavuri recently shared a list of 163 jurisdictions ineligible for FTX repayments. He stated there were many claims from countries that were ineligible for distributions. However, the FTX creditor said the exchange was reviewing options.
FTX Claims
A lot of claims are from Jurisdictions not eligible for FTX distributions at the moment which include:
Russia, China, Egypt, Nigeria, Ukraine
FTX is reviewing options
China is the largest with 8% of customers pic.twitter.com/Ts1iToqhAL
— Sunil (FTX Creditor Champion) (@sunil_trades) February 21, 2025
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