In a significant move, FTX and Alameda Research have unlocked over 3 million Solana (SOL) tokens, marking their largest unstaking since November 2023. On March 4, blockchain analytics firm Lookonchain flagged FTX and Alameda’s wallets for unstaking 3.03 million SOL, valued at approximately $431 million at the time. This unlock is part of the ongoing liquidation process by the bankrupt crypto firms, which have steadily unstaked millions of SOL tokens since FTX’s collapse in November 2022.
FTX/Alameda unstaked 3.03M $SOL($431.3M) and transferred to multiple wallets.https://t.co/NFdCxT3vKD pic.twitter.com/8ms4Y3Z9fw
— Lookonchain (@lookonchain) March 4, 2025
Following the recent unlock, FTX and Alameda have deposited about 25,000 SOL, worth roughly $3.3 million, into Binance, signaling the continued shift of assets to exchanges. The companies first began unstaking large sums of Solana tokens in late 2023, when they unlocked 2.1 million SOL, valued at $141 million. Since then, millions of SOL have been sent to exchanges, bringing the total amount offloaded to almost $1 billion.
However, despite the significant unlocking of tokens, the bankrupt firms face restrictions on their ability to sell them. A Delaware Bankruptcy Court ruling from September 2023 limits the amount of digital assets FTX can liquidate. Initially, FTX is permitted to sell up to $50 million in assets in the first week, with a $100 million cap in subsequent weeks. Any further sales require court approval, with a maximum weekly limit of $200 million.
Also Read: Solana (SOL) Tumbles 47% From ATH – Is the FTX Unlock the Final Blow?
Since November 2023, FTX has unstaked 7.83 million SOL, valued at around $986 million, sending them to platforms like Coinbase and Binance at an average price of $125.80 per SOL. The liquidation of these assets is part of FTX’s efforts to repay its customers. In February 2024, the exchange began distributing $1.2 billion in digital assets to users affected by its collapse, though challenges have emerged due to jurisdictional eligibility issues for some customers.
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I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
