Bankrupt crypto firms FTX and Alameda have withdrawn approximately 192,000 Solana (SOL) tokens, worth around $44.9 million, from staking, according to blockchain analytics provider EmberCN. This redemption is part of a consistent pattern observed over the past year, with the estate redeeming Solana assets on a near-monthly basis.
Since November 2023, FTX and Alameda have unstaked and transferred nearly 9 million SOL, valued at $1.2 billion, averaging $134 per token. Despite these ongoing redemptions, the estate still holds a significant Solana position of roughly 4.18 million SOL, worth an estimated $977 million, as of Thursday.
Solana's market response was muted but positive. The token traded at $234.27 late Thursday night, reflecting a 4.3% daily gain and a 14.4% increase over the past week, according to The Block. The unstaked SOL is expected to be distributed to multiple addresses and subsequently transferred to exchanges like Coinbase or Binance.
Meanwhile, FTX is preparing for its third round of creditor repayments scheduled for September 30. The estate has so far returned $6.2 billion to former users, with $1.2 billion distributed in February and another $5 billion in May. The payments will be processed through FTX's designated distribution partners, including BitGo, Kraken, and Payoneer.
FTX, once a dominant player in the crypto space, collapsed in November 2022 following a liquidity crisis triggered by revelations about its balance sheet. Founder Sam Bankman-Fried was sentenced in 2023 to 25 years in prison for defrauding customers and investors of more than $11 billion, though he is projected to be released on December 14, 2044, for good behavior.