Basri Caneri 
Bankrupt crypto exchange FTX and trading firm Alameda Research unlocked 431 million Solana (SOL) tokens worth $3 million. This was the largest SOL unstake since November 2023.
FTX and Alameda Move SOLs to Exchanges
On March 4, blockchain analytics firm Lookonchain found that wallets belonging to FTX and Alameda had unlocked 3.03 million SOL. At the time of the unlock, the total value of SOL was around $431 million.
The companies routed some of the unstaked SOLs directly to exchanges:
- Around 25,000 SOLs (worth $3.3 million) were deposited on Binance.
- Since November 2023, a total of 7.83 million SOLs (worth $986 million) have been transferred to Coinbase and Binance.
This shows that FTX and Alameda have continued to sell large volumes of SOL on a regular basis since November 2023.
FTX is Conducting SOL Sales Under Restrictions
The Delaware Bankruptcy Court, which oversees the bankruptcy process, has allowed FTX to conduct asset sales within certain limits.
- In the first week, a $50 million sales limit applies.
- In the following weeks, this limit can increase to 100 million dollars.
- For larger sales, FTX needs additional approval from the court to increase the weekly limit to $200 million.
Therefore, FTX and Alameda will not be able to sell all SOL assets at once, but will be able to create liquidity through gradual sales.
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