FTX is ready to sell money to pay back the money? 28 million magnesium SOL was redeemed today and may be transferred to CEX for selling

The restructuring team of the bankrupt cryptocurrency exchange FTX has had its repayment plan approved at the confirmation hearing in the U.S. Bankruptcy Court in Delaware on the 7th. Small creditors with claims under $50,000 can expect to receive compensation by the end of 2024, while larger creditors may have to wait until the first or second quarter of 2025 to receive their compensation. The effective date of the subsequent payment plan and the expected start of distribution are yet to be announced by the FTX restructuring team, which was previously estimated to take two months. According to on-chain analyst Ember, the SOL staking address H4y...gFZ of FTX/Alameda redeemed 178,631 SOL (approximately $28 million) this morning, which may be subsequently transferred to a CEX for sale. The address still has 7.09 million SOL (approximately $1.107 billion) under staking. Based on previous transfer records, these redeemed SOL will be distributed to multiple addresses, with the majority likely to flow into Coinbase or Binance in the future. In fact, the SOL transfers from this address have been relatively regular, with redemptions of around 170,000 SOL occurring around the 12th to 15th of each month. Lookonchain previously reported that from July to September this year, FTX/Alameda had already unstaked 530,000 SOL and transferred them to multiple addresses, averaging 176,700 SOL per month. It is speculated that FTX's actions are in preparation for repayment, which may put selling pressure on SOL. However, previous analysts have suggested that FTX/Alameda's moves are unlikely to have a significant impact on the price of SOL, as the scale of the unstaking is relatively small compared to the total wallet holdings, and the expected FTX sales will be conducted through over-the-counter (OTC) transactions, reducing the possibility of violent market fluctuations. Coinciding with FTX's redemption of 178,631 SOL today, the price of SOL has not been impacted, rising 2% in the past 24 hours to $154.80. According to previous reports by BlockTempo, the core of FTX's bankruptcy plan is to use the funds it has recovered to prioritize repaying users, and then pay potential competing claims from government regulators. Depending on the type of creditor claim, the vast majority of customers (creditors with claims under $50,000) can expect to receive approximately 118% of their losses, and some creditors can receive 142% of their losses. According to the reorganization plan submitted by FTX to the Delaware Bankruptcy Court in May, once all assets have been sold, the company estimates it will have between $14.5 billion and $16.3 billion in cash available for distribution. However, it should be noted that future loss compensation will be calculated based on the U.S. dollar price of cryptocurrencies on the date FTX filed for Chapter 11 bankruptcy on November 11, 2022. Therefore, unless the user's assets on FTX were stablecoins, they will still incur significant losses.