In a pivotal development for the landmark FTX bankruptcy, entities linked to the defunct exchange and its sister firm, Alameda Research, have executed two major asset movements as part of the court-supervised liquidation process to repay creditors.
First, blockchain data from Onchain Lens confirms the unstaking of 196,611 Solana (SOL) tokens, valued at approximately $15.97 million. This action, occurring four hours prior to initial reports, transitions the SOL from an illiquid, staked state into a liquid, transferable form, signaling preparation for potential future sale or distribution by the bankruptcy estate. The move is part of a meticulous, pre-approved strategy managed by CEO John J. Ray III and his team to convert digital assets into cash while minimizing market disruption.
Simultaneously, analytics firm EmberCN tracked a colossal token swap by the Alameda Research estate, converting 129 million STG tokens for 11.142 million ZRO tokens in a transaction valued at roughly $24.29 million. This swap accounted for a staggering 12.9% of the total STG token supply. The transaction highlights the estate's active portfolio management, potentially reallocating assets within the same ecosystem (Stargate Finance and LayerZero) for strategic liquidation or future distributions.
Both actions operate under the strict legal framework of the United States Bankruptcy Court for the District of Delaware. The estate has employed advisors like Galaxy Digital to develop structured selling plans. Market reaction to the SOL unstaking was measured, with minor price volatility, suggesting the market may have anticipated such moves. The scale of the STG-ZRO swap draws significant attention due to its size and potential implications for the circulating supplies of both tokens.
These events underscore the ongoing, profound impact of the FTX collapse and the unique challenges of managing a crypto-heavy bankruptcy, where blockchain transparency allows real-time public scrutiny of asset movements traditionally kept private in corporate insolvencies.
