What happened?
Bankrupt cryptocurrency firms FTX and Alameda have withdrawn around 192,000 Solana (SOL) tokens—valued at approximately $44.9 million—from staking, as reported by blockchain analytics provider EmberCN. This move is part of a broader unstaking trend that has seen nearly 9 million SOL, worth an estimated $1.2 billion, removed since November 2023.
Who does this affect?
This decision primarily affects FTX and Alameda’s creditors, as the firms continue to repay their debts through these redemptions. Despite ongoing unstaking measures, it’s noteworthy that these companies still hold a significant amount of SOL—about 4.18 million tokens, estimated to be worth nearly $1 billion. Moreover, FTX is prepared for its third round of creditor repayments, scheduled for September 30, as part of its ongoing restructuring efforts.
Why does this matter?
The market impact of this action reflects in Solana’s moderately positive response, with a 4.3% daily gain and a 14.4% increase over the past week. As these large-scale unstakings and redemptions continue, they could influence SOL’s market performance and investor sentiment. Additionally, FTX’s repayments are closely watched by the market, with the company having returned $6.2 billion to former users as part of its restructuring strategy following its collapse in 2022.