New York, Tuesday, October 22, 2024 – FTX and Alameda Research unstaked 178,631 Solana (SOL), worth $28 million, from a wallet linked to the collapsed crypto exchange on October 15, 2024, raising fears of a potential selloff.
The unstaked tokens are expected to be transferred to major exchanges like Binance and Coinbase, prompting concerns over SOL’s price stability.
Solana’s network saw similar activity in September when FTX unstaked over 530,000 SOL, worth $71 million. Despite the frequent transfers, FTX and Alameda still hold 7.06 million SOL, valued at approximately $945.7 million, heightening market anxieties.
FTX’s liquidation strategy remains focused on repaying creditors following its collapse, with the court approving plans to liquidate up to $100 million in crypto weekly. Since its bankruptcy proceedings began, FTX has been selling its cryptocurrency holdings, including Ethereum and Polygon, to recover funds.
This latest SOL unstaking adds to broader concerns about how FTX’s liquidation strategy will impact the Solana network and the broader cryptocurrency market.
