FTX and Alameda Research have unstaked 3 million Solana (SOL) tokens worth $431 million, marking their largest SOL unlocking since November 2023. This move signals continued asset liquidation by the bankrupt firms.
Key Details of the SOL Unstaking
- Amount Unstaked: 3.03 million SOL ($431 million at the time of unlocking).
- Transaction Date: March 4, 2024 (reported by Lookonchain).
- Post-Unstaking Activity: 25,000 SOL ($3.3 million) deposited to Binance.
This is FTX/Alameda’s largest unstaking event since November 2023, when they released 2.1 million SOL ($141 million). The firms have since steadily unstaked and sold millions in SOL through exchanges.
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FTX’s $986 Million SOL Sell-Off
Despite unlocking $431 million in SOL, FTX faces court-imposed liquidation limits:
- Initial Weekly Cap: $50 million (can increase to $100M–$200M with approval).
- Total Sold Since November 2023: 7.83 million SOL (~$986M) at an average price of $125.80 per token (via Coinbase/Binance).
Data Source: Spot On Chain
FTX Begins $1.2 Billion Customer Repayments
The unstaking coincides with FTX’s partial repayments to affected users:
- Distributed: $1.2 billion in digital assets (starting February 18, 2024).
- Challenges: 163 jurisdictions deemed ineligible for payouts; FTX exploring solutions.
FAQ Section
Q: Why is FTX unstaking SOL?
A: To liquidate assets for creditor repayments under court supervision.
Q: How much SOL does FTX still hold?
A: Exact amounts are unclear, but blockchain data suggests ongoing sales.
Q: Will SOL’s price drop due to these sales?
A: Large sell-offs can create short-term pressure, but market absorption varies.
Q: Are FTX repayments complete?
A: No—this is a phased process, with some users awaiting eligibility resolution.