by Nayab Fatima
The companies FTX and Alameda Research unstaked their biggest single amount of Solana (SOL) tokens which totals 3 million SOL or $431 million since November 2023. On March 4 Blockchain analytics firm Lookonchain discovered FTX and Alameda Research moving ahead with their asset selling process.
After unstaking these assets the companies sent 25,000 SOL tokens worth $3.3 million to Binance. The companies set a new unstaking high during this event which exceeded their record from November 2023 where they transferred 2.1 million SOL tokens valued at $141 million.
FTX And Alameda Unstake SOL
FTX and Alameda have made a number of steady withdrawals of SOL tokens from their stake and transferred them to different exchanges starting from the event. Although FTX and Alameda unstaked 431 million dollars their ability to sell the full sum will likely depend on court-imposed sales restrictions.
The September 2023 Delaware Bankruptcy Court order prevents FTX from freely trading its digital assets by making it sell through a licensed investment adviser. The business can sell $50 million SOL during the first week and reaches $100 million selling rights after that. The court must authorize any request to increase the selling limit from $200 million.
Since November 2023 FTX has moved 7.83 million SOL tokens from its platform to Spot On Chain records. The bankrupt entities sold their SOL tokens worth about $986 million through Binance and Coinbase exchanges at $125.80 per piece. FTX continues selling assets to pay back customers whose funds vanished in its business breakdown.
On February 18 the exchange disbursed $1.2 billion worth of digital assets to its affected customers. Although the industry recovery benefitted from the payments the process experienced challenges. The system restricts asset payments to some customers in specified regions.
On February 21 Sunil Kavuri released a list showing 163 countries that FTX cannot compensate. The FTX team assesses different ways to solve the issue of receiving payments from users in ineligible countries.
#blockchain #crypto, #decentralized, #distributed, #ledger
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