FTX Moves Millions in Solana as It Works to Repay Creditors

The bankrupt crypto exchange FTX and its trading arm, Alameda Research, have made a major move to repay creditors. Reportedly, the crypto firms have unstaked and moved 185,345 Solana (SOL) tokens, worth about $22.9 million, to 38 different wallets within the past day. 

Blockchain analytics platforms SpotOnChain and Arkham Intelligence confirmed the transactions, noting that the recipient wallets now collectively hold about  $178.82 million in SOL. This development affected Solana’s market value. 

FTX Has Been Selling SOL on Major Exchanges

On-chain data has shown that this recent move is not the first time FTX has made large SOL transfers. The exchange unlocked 3.03 million SOL earlier in March, worth around $432.5 million. The digital assets were reportedly distributed to multiple wallets. 

Since November 2023, FTX and Alameda have unstaked roughly 8.019 million SOL, valued at nearly $1 billion. It was revealed a massive portion of the unstaked SOL was sold on crypto exchanges such as Coinbase and Binance.  The average selling price was $125.8 per token that year.

Despite these large sales, FTX and Alameda still hold 5.5 million SOL, valued at about $693.8 million. These asset movements are part of FTX’s ongoing efforts to repay its creditors. 

FTX Creditors Are Receiving Payments, But Some Are Left Out

FTX has already started repaying some creditors. In January, claimants below $50,000 received full compensation, including 9% annual interest on their claims. This repayment round resulted in $1.2 billion in withdrawals from FTX-controlled wallets.

Kraken, one of the exchanges helping with the payouts, confirmed that the next phase will begin on May 30. This round will focus on larger creditors with claims exceeding $50,000. 

However, not all creditors are benefiting from these repayments. Due to jurisdiction challenges, those in countries like China, Russia, Egypt, Nigeria, and Ukraine have yet to receive funds. 

FTX Unstaking Event Impacted Solana’s Price

This latest unstaking event had hurt SOL’s price as the token is now trading at $122.24, down by 2. 24% in the last 24 hours, according to CoinMarketCap data. 

Notably, the popular token is down approximately 58.42% from its All-Time High (ATH) of $294. 

Meanwhile, many analysts have forecast bullish and bearish price action for Solana, with some suggesting the digital asset could reach $187.16 by December 2025 and possibly $531.48 by 2030. 

Some experts think it could fall to $114.95 by March 2025, but predictions for the future are very different. The market is very unstable, making investors uncertain about what will happen next.

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