Crypto wallets associated with the defunct FTX exchange and bankrupt Alameda Research have unstaked over 3 million Solana (SOL) tokens. This represents the largest SOL unlock since November 2023, when the companies began selling their holdings.

Blockchain analytics firm Lookonchain reported this unstaking activity on X. At the time of the unlock, the 3 million SOL tokens were valued at approximately $431 million.

Movement of SOL to Binance

Following the unstaking, a significant portion of these tokens – 25,000 SOL (approximately $3.3 million at the time) – were transferred to Binance, the leading cryptocurrency exchange by 24-hour trading volume. Lookonchain shared on-chain data confirming this transfer.

Of the 3.03M $SOL ($431.3M) unstaked by FTX/Alameda today, 24,799 $SOL ($3.38M) has been deposited to #Binance.

FTX and Alameda have now unlocked over $400 million in SOL. However, a September 2023 order from the Delaware Bankruptcy Court limits the rate of asset liquidation, preventing the firms from selling all their tokens at once.

Spot On Chain data reveals that the defunct exchange has unstaked a total of 7.83 million SOL since November 2023, selling these tokens to Binance and Coinbase at an average price of $125.80 per SOL.

FTX Begins Customer Repayments

This unstaking activity coincides with FTX's commencement of repayments to customers who lost funds during the exchange's collapse. FTX began distributing approximately $1.2 billion in digital assets on February 18th.

While this is positive news, challenges remain. Repayments are currently unavailable to customers in certain jurisdictions, including Russia, China, Egypt, Nigeria, and Ukraine. FTX is exploring options to address this, according to FTX creditor and advocate Sunil Kavuri.

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.

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