-
FTX and Alameda Research have transferred $10.3 million worth of Solana (SOL) to 30 blockchain addresses, continuing their ongoing liquidation strategy.
-
This move is part of a broader effort that has seen over $1 billion in SOL offloaded since November 2023, highlighting the firms’ methodical asset management amid bankruptcy proceedings.
-
According to blockchain researcher EmberCN, the bankrupt FTX estate still retains approximately $775 million in Solana, mostly locked in staking contracts, underscoring the complexity of their liquidation process.
FTX and Alameda Research continue liquidating Solana assets, moving $10.3M to multiple addresses amid a $1B selloff since November 2023, with $775M still staked.
FTX and Alameda Research Liquidate Over $1 Billion in Solana Since Late 2023
Recent blockchain data reveals that FTX and Alameda Research have persistently liquidated large quantities of Solana tokens since November 2023. On June 13, they moved $10.3 million worth of SOL to 30 new blockchain addresses, a transaction flagged by Arkham Intelligence. EmberCN, a respected blockchain researcher, confirmed that the firms recently unstaked 188,000 SOL valued at approximately $31.5 million, with a portion already transferred to these new addresses.
This liquidation activity is part of a broader pattern, with over 8.4 million SOL—equivalent to more than $1.09 billion—moved by the bankrupt entities during this period. The tokens were often routed through major exchanges like Binance and Coinbase, indicating active selloffs likely aimed at reimbursing creditors following FTX’s 2022 bankruptcy.
Despite these significant outflows, the FTX estate still controls a substantial amount of Solana. Approximately 5.29 million SOL, valued at over $775 million, remain under its control, with 5.05 million SOL locked in staking contracts. This highlights the ongoing complexity and scale of the asset management and liquidation process within the bankruptcy framework.
FTX’s Structured Repayment Plan and Expanded Distribution Network
FTX’s liquidation efforts coincide with its approved Chapter 11 reorganization plan, which has facilitated structured repayments to former customers and investors. The bankrupt estate has completed two major payment phases recently, disbursing around $1.8 billion in February and an additional $5 billion in May. These payments reflect a concerted effort to restore value to creditors amidst challenging market conditions.
To enhance the repayment process, FTX has recently partnered with Payoneer, joining existing custodians Kraken and BitGo. This strategic addition aims to streamline fund distribution and expand global reach, particularly benefiting users in regions where previous custodian limitations delayed payouts.
However, challenges persist. Creditors in countries such as Russia, China, Egypt, and Nigeria remain unable to access repayments due to regulatory and operational constraints. These regions represented a significant portion of FTX’s customer base prior to its collapse, underscoring ongoing hurdles in the global resolution of the bankruptcy.
Market Implications and Future Outlook for Solana Holders
The continued liquidation of Solana by FTX and Alameda Research exerts downward pressure on SOL’s market dynamics, especially given the volume involved. Market participants should monitor these movements closely, as the selloffs through major exchanges suggest a steady supply entering the market.
Nevertheless, the large portion of staked SOL retained by the estate indicates a potential for future asset unlocking and sales, depending on the progress of the bankruptcy proceedings. This ongoing activity could influence Solana’s price volatility and liquidity in the coming months.
Conclusion
The methodical liquidation of Solana assets by FTX and Alameda Research reflects a complex and sustained effort to satisfy creditor claims following a high-profile bankruptcy. While over $1 billion in SOL has been offloaded since late 2023, the estate still holds significant staked tokens, indicating that further movements are likely. The addition of Payoneer to the distribution network marks a strategic step toward improving global repayment efficiency, though regional challenges remain. Stakeholders should remain attentive to these developments as they continue to shape Solana’s market trajectory and the broader crypto bankruptcy landscape.
