- FTX and Alameda unstaked 3.03M SOL worth $431M, distributing them to 37 wallets.
- This is their largest unstaking since November 2023, part of an 11.2M SOL unlock plan.
FTX and Alameda Research unstaked 3.03 million Solana (SOL) tokens worth $431 million. This marks their largest SOL unlock since November 2023. The tokens were distributed to 37 wallets, with deposits likely made to Coinbase and Binance.
Since November 2023, FTX and Alameda have unstaked and offloaded 7.83 million SOL, worth $986 million. The average price for these sales was $125.80 per token. The latest unstaking is part of a larger plan to unlock 11.2 million SOL, valued at $1.5 billion, in early March.
Largest Unstaking Since November 2023
Blockchain analytics firm Lookonchain flagged the transaction on March 4. FTX and Alameda’s wallets moved 3.03 million SOL at the time, worth $431 million. Following the unstaking, they deposited about 25,000 SOL, valued at $3.3 million, to Binance.
In November 2023, the companies unstaked 2.1 million SOL worth $141 million. Since then, they have regularly unstaked and transferred assets to exchanges. The latest transaction aligns with their ongoing liquidation strategy.
FTX and Alameda may not sell all unstaked tokens at once. In September 2023, the Delaware Bankruptcy Court set strict limits on asset sales. Initially, FTX could sell $50 million in digital assets per week. This limit increased to $100 million in later weeks. Any sale above $200 million requires court approval.
Despite these restrictions, blockchain data shows FTX and Alameda have steadily offloaded SOL to major exchanges. Spot On Chain reported a total sale of 7.83 million SOL to Coinbase and Binance since November.
The unstaking comes as FTX repays some of its former users. On February 18, the exchange started distributing $1.2 billion in digital assets. However, some customers cannot access these funds due to jurisdiction restrictions. On February 21, FTX creditor Sunil Kavuri revealed that 163 jurisdictions are ineligible for repayments.
Highlighted Crypto News Today
Can Toncoin (TON) Recover or Is a Bigger Decline Coming After a 9% Slip?
