The bankrupt cryptocurrency company FTX and Alameda Research are transferring Solana (SOL) worth $10.3 million to 30 blockchain addresses, continuing the systematic liquidation of digital assets.
This transfer, conducted on June 13, was captured by the on-chain analysis platform Arkham Intelligence.
FTX Moves Over $1 Billion in Staked Solana Since November 2023
Blockchain researcher EmberCN confirmed this activity and mentioned that they recently unstaked 188,000 SOL, equivalent to approximately $31.5 million. Some of these tokens have already been redirected to new addresses.
These transfers follow a consistent pattern observed since November 2023, with both entities regularly disposing of large amounts of SOL.
Since then, the bankrupt companies have moved over 8.4 million SOL, amounting to more than $1.09 billion, according to EmberCN.
Most of these tokens are reported to have been traded at an average of $130, with frequent trading through major exchanges like Binance and Coinbase, indicating active selling. Market observers point out that these movements are part of efforts to repay creditors following the 2022 bankruptcy.
Despite the continuous outflow, they still hold a significant amount of Solana. FTX still retains 5.29 million SOL, worth approximately $775 million, with 5.05 million SOL locked in staking contracts.
These recent Solana transactions are occurring as FTX continues to make payments according to its approved Chapter 11 restructuring plan.
The bankrupt company has completed two stages of payments to former customers and investors in recent months. In February, it paid approximately $1.8 billion to creditors, and in May, it paid an additional $5 billion.
FTX has also recently added Paonia to its distribution partner list, aiming to complement existing custodial companies like Kraken and Bitgo, simplify the repayment process, and expand global reach.
Analysts suggest this will help users in jurisdictions where access to funds has been delayed due to cryptocurrency custodian restrictions.
However, many creditors in countries like Russia, China, Egypt, and Nigeria remain blocked from receiving payments. These users constituted a significant portion of FTX's customer base before the exchange's collapse.
