FTX and Alameda Unlock $431 Million Worth of Staked SOL

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In a significant move within the crypto space, wallets associated with the collapsed cryptocurrency exchange FTX and its affiliated trading firm Alameda Research have recently unstaked over 3 million Solana (SOL) tokens—valued at approximately $431 million. This marks the largest single SOL unstaking event since November 2023, reigniting market interest in FTX’s ongoing asset liquidation and repayment efforts.

Blockchain analytics firm Lookonchain confirmed on March 4 that the wallets linked to FTX and Alameda removed stakes from 3.03 million SOL tokens. At the time of unlocking, the total value of these tokens stood at $431 million. Following the unstaking, around 25,000 SOL—worth roughly $3.3 million—were transferred to Binance, one of the world’s largest cryptocurrency exchanges.

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This latest action surpasses a previous unstaking event in November 2023, when the entities unlocked 2.1 million SOL valued at $141 million. Since then, FTX and Alameda have consistently been unstaking millions of dollars’ worth of SOL, gradually moving assets toward exchanges for potential sale.

The Scale of FTX’s SOL Liquidation

While the recent $431 million unlock is substantial, it forms part of a broader liquidation strategy. According to data shared by blockchain analytics platform Spot On Chain, FTX has now unstaked a total of 7.83 million SOL since November 2023. These tokens were sold off at an average price of $125.80 each, generating approximately $986 million in proceeds from sales executed primarily through Coinbase and Binance.

Such sales are conducted under strict court supervision. In September 2023, the U.S. Bankruptcy Court for the District of Delaware approved FTX’s plan to sell digital assets as part of its restructuring process. The court imposed weekly limits on asset dispositions: an initial cap of $50 million in the first week, rising to $100 million in subsequent weeks. If FTX seeks to sell more than $200 million in a given week, it must obtain prior judicial approval.

These controlled sales aim to minimize market disruption while ensuring fair value recovery for creditors. Nevertheless, large unstaking events can influence short-term price volatility, especially for high-profile assets like Solana.

FTX’s Road to Repayment: A $1.2 Billion Milestone

The timing of this major SOL unlock coincides with FTX’s broader efforts to repay former customers affected by its 2022 collapse. On February 18, the bankrupt exchange began distributing approximately $1.2 billion in digital assets to eligible users—a pivotal moment widely seen as a step forward for trust restoration in the crypto industry.

However, the repayment process is not without complications. On February 21, FTX creditor and advocate Sunil Kavuri revealed a list of 163 jurisdictions deemed ineligible to receive repayments due to regulatory or legal constraints. Despite numerous claims originating from these regions, affected users in excluded areas currently face uncertainty regarding compensation.

Kavuri noted that FTX’s restructuring team is actively exploring solutions for impacted claimants, though no definitive resolution has been announced yet. The challenge underscores the complexities involved in cross-border insolvency cases within decentralized financial systems.

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Market Implications of Large-Scale Staking Unlocks

Staking plays a crucial role in Proof-of-Stake (PoS) blockchains like Solana by securing the network and enabling transaction validation. When large volumes of staked tokens are suddenly unlocked, several market dynamics come into play:

Despite these concerns, analysts suggest that FTX’s court-monitored sales framework helps mitigate abrupt market shocks. The gradual release of assets allows for smoother integration into existing trading flows.

Frequently Asked Questions (FAQ)

Q: Why did FTX and Alameda unstack 3 million SOL?
A: As part of its bankruptcy restructuring, FTX is liquidating digital assets—including staked tokens—to repay creditors. Unstaking SOL enables the exchange to access and sell these holdings in accordance with court-approved procedures.

Q: Could this unstaking affect Solana’s price?
A: Potentially, yes. Large-scale unlocks increase circulating supply, which may create downward pressure if sales occur rapidly. However, given FTX’s regulated weekly sale limits, any price impact is likely to be moderated.

Q: How much Solana has FTX sold so far?
A: Since November 2023, FTX and Alameda have collectively sold about 7.83 million SOL, generating nearly $986 million in revenue from sales executed via major exchanges like Binance and Coinbase.

Q: Are all former FTX users receiving repayments?
A: No. Repayments are currently limited to users in eligible jurisdictions. A list of 163 excluded regions has been identified due to legal or regulatory barriers, though solutions for affected claimants are under review.

Q: What happens to staked tokens after they’re unlocked?
A: Once unstaked, tokens typically undergo a cooldown period before becoming fully transferable. After this, they can be moved to exchanges and sold—subject to court-imposed volume restrictions in FTX’s case.

Looking Ahead: Transparency and Recovery in Crypto

The recent $431 million SOL unlock highlights both the progress and challenges in FTX’s path toward financial resolution. While asset liquidation continues under judicial oversight, questions remain about global access to repayments and long-term market stability.

For investors and observers, tracking such movements offers valuable insights into how large-scale crypto bankruptcies are managed—and how transparency can support ecosystem recovery.

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Core Keywords:

As the crypto industry evolves, cases like FTX serve as critical case studies in governance, accountability, and risk management—reminding stakeholders of the importance of secure custody practices and regulatory compliance.