FTX And Alameda Unstake $431 Million In SOL In Largest Unlock Since 2023

Crypto wallets linked to the now-defunct crypto exchange FTX and the bankrupt trading firm Alameda Research have unstaked over 3 million Solana tokens, which is the largest SOL unlock since the company started selling its tokens back in November 2023.

Blockchain analytics firm Lookonchain noted the unstaking activity by Alameda and FTX in an X post earlier today. At the time of the SOL unlocks, the tokens were valued at approximately $431 million.

FTX And Alameda Move Thousands Of SOL To Binance

After unlocking the tokens, the two firms then sent the SOL to Binance, which is the largest exchange in the crypto space in terms of 24-hour trading volume. On-chain data shared by Lookonchain shows the companies sent 25,000 SOL, worth around $3.3 million at the time, to the platform.

Of the 3.03M $SOL($431.3M) unstaked by FTX/Alameda today, 24,799 $SOL($3.38M) has been deposited to #Binance.https://t.co/D4j4l4yNuFhttps://t.co/uLkjQFwVId pic.twitter.com/ig2Jl2CcXl

— Lookonchain (@lookonchain) March 4, 2025

FTX and Alameda have unlocked over $400 million in SOL already. However, the Delaware Bankruptcy Court has imposed strict asset liquidation limits in September 2023 that prevent the firms from selling all of their tokens in a single transaction.

Data from Spot On Chain indicated that the defunct exchange has unstaked 7.83 million SOL since November 2023. These tokens, according to the blockchain analysis platform, have been offloaded to Binance and the leading US exchange Coinbase at an average sale price of $125.80 per SOL.

FTX Starts $1.2 Billion Customer Repayments

The recent unstaking activity by Alameda Research and FTX comes as the exchange starts to repay some of its former users who lost funds during the platform’s collapse.

FTX started distributing around $1.2 billion in digital assets to impacted customers on Feb. 18. While the repayments are a positive development, there are some challenges. Some of the customers are in jurisdictions that do not qualify for repayments. FTX is, however, exploring its options, according to FTX creditor and advocate Sunil Kavuri.

FTX Claims

A lot of claims are from Jurisdictions not eligible for FTX distributions at the moment which include:

Russia, China, Egypt, Nigeria, Ukraine

FTX is reviewing options

China is the largest with 8% of customers pic.twitter.com/Ts1iToqhAL

— Sunil (FTX Creditor Champion) (@sunil_trades) February 21, 2025

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