Wallets associated with collapsed cryptocurrency exchange FTX and its affiliated trading firm Alameda Research have unstaked over 3 million Solana (SOL) tokens in one of the largest unlocks the cryptocurrency has seen.
The unstaking activity was first flagged by the popular blockchain analysis firm Lookonchain, which noted that the unlocked tokens were valued at roughly $430 million at the time of the move.
FTX’s unstaking SOL represents its ongoing efforts to recoup funds and repay creditors after it dramatically imploded in late 2022. Since November 2023, both companies have consistently moved substantial quantities of SOL, a cryptocurrency its founder Sam Bankman-Fried Championed.
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
Since November, data shows that both companies have unstaked a total of 7.83 million SOL tokens worth over $1.1 billion at the time of writing. These assets were then sent to centralized exchanges and likely used to process FTX creditor payouts.
The recent unstaking process comes at a time when the price of SOL dropped by nearly 30% in the last 30 days amid a wider cryptocurrency market sell-off. The asset is currently trading at $143 per token, down from a high of above $250 earlier this year, according to CoinMarketCap data.
FTX Creditor Payouts Are Ongoing
As reported earlier, FTX creditors have started receiving their payouts earlier this year. In total, around $16 billion are set to be distributed among the exchange’s creditors.
Creditors receive approximately 119% of their adjudicated claims, as outlined in the bankruptcy plan and corroborated by social media reports. The initial payments, made for claims below $50,000, are expected to total around $1.2 billion.
