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FTX Sends $10M Solana to 30 Wallets in Fresh Liquidation Round
In a recent move, FTX and Alameda Research have transferred approximately $10.3 million worth of Solana (SOL) to 30 different blockchain wallets. This latest development is part of the firms’ larger liquidation strategy, which began late last year.
According to Arkham Intelligence’s on-chain data tracking, this most recent transaction was not an isolated event. In fact, since November 2023, FTX and Alameda Research have collectively offloaded over 8.4 million SOL, a total valued at more than $1.09 billion when the token traded near $130.
A significant portion of these Solana transfers has taken place through popular exchanges such as Binance and Coinbase, reflecting their efforts to move liquid assets under bankruptcy court oversight as part of their court-approved asset sale process.
Despite offloading over $1 billion in SOL, FTX still retains a substantial stake in the token. At present, they hold 5.29 million Solana tokens, valued at more than $775 million based on current market prices. However, it’s essential to note that most of this amount is currently locked in staking contracts and cannot be moved until unlocked.
The latest batch of wallet transfers, which includes the transfer of $10.3 million worth of SOL, serves as a stark reminder of the firms’ commitment to repaying creditors under their Chapter 11 bankruptcy plan. Just recently, FTX sent $1.8 billion to former customers in February and an additional $5 billion in May, with Payoneer being added as an alternative payout method in regions where crypto custody faces regulatory restrictions.
Unfortunately, the repayment process has been hindered by blockades on payouts in Russia, China, Egypt, and Nigeria, leaving many users from these countries unpaid.
Source: coinchapter.com
