FTX And Alameda Unstake $23 Million Worth Of Solana Amid Efforts To Settle Creditor Debts

Defunct FTX and its affiliate, Alameda Research, have unstaked and transferred 185,345 Solana (SOL), valued at $22.9 million, to 38 wallets within the past day, according to blockchain analytics platform SpotOnChain.

Blockchain intelligence firm Arkham Intelligence corroborated the development and reported that the recipient wallets, which had previously received assets from staking addresses, now collectively hold approximately $178.82 million in SOL.

Meanwhile, SpotOnChain noted that this unstaking follows a significant event earlier in March when FTX unlocked 3.03 million SOL, worth around $432.5 million, and distributed the tokens to multiple wallets.

Bankrupt FTX’s Solana Unstaking History Since November 2023. (Source: SpotOnChain)

Since November 2023, the bankrupt exchange and its trading arm have unstaked approximately 8.019 million SOL, valued at nearly $1 billion.

A large portion of these assets has been liquidated through Coinbase and Binance at an average price of $125.8 per token.

Despite these sales, FTX and Alameda still hold 5.5 million SOL, estimated to be worth $693.8 million.

Meanwhile, the latest unstaking event had little impact on SOL’s price. According to CryptoSlate’s data, the digital asset’s value remains unchanged at around $127 as of press time.

FTX repayments

The asset movements come as FTX works to reimburse creditors.

Last month, the exchange began repaying claimants with amounts below $50,000. Reports indicate that these creditors received full compensation, including 9% annual interest on their claims, accrued since the exchange collapsed in November 2022.

Arkham Intelligence noted that the initial repayment round led to $1.2 billion in withdrawals from wallets controlled by FTX.

Meanwhile, Kraken, one of the exchanges facilitating the payouts, confirmed that the next phase of reimbursements will begin on May 30. According to the exchange, this round of payments will include larger creditors with claims exceeding $50,000.

Despite these efforts, creditors in jurisdictions such as China, Russia, Egypt, Nigeria, and Ukraine have yet to receive reimbursements. It remains uncertain whether they will be included in the upcoming payout round.