An Attempted Unstaking of $58.76 Million Worth of Solana (SOL) Fails
According to data from Nansen and journalist Colin Wu, an attempt to unstake 1.6 million Solana (SOL) worth $58.76 million from an FTX-linked wallet has been unsuccessful.
On October 30th, blockchain analytics platform Nansen identified an on-chain transaction that aimed to unstake the SOL from a wallet labeled FTX Cold Storage 2. However, the funds remain stuck in the staking account after the attempted transaction.
The FTX Cold Storage 2 address also holds over $100 million in other crypto assets that have not been moved, including 1,033 WBTC, 364,859 JSOL, and nearly 4 million USDT.
Failed Solana Unstaking amid FTX Bankruptcy Proceedings
This failed unstaking incident occurs as FTX deals with bankruptcy proceedings and tries to account for various scattered corporate assets following its collapse. The insolvent exchange owes billions to its creditors.
Staking involves locking up tokens to validate proof-of-stake blockchains and earning rewards on holdings. Unstaking refers to redeeming staked tokens for transfer or sale.
In this case, the normal unstaking process seems to have malfunctioned for the SOL tied to FTX, leaving the funds trapped in the wallet. It is unclear who attempted the transaction or if the assets can be recovered.
This situation highlights another example of the chaos resulting from FTX’s catastrophic failure, with $58 million worth of stranded SOL. As the exchange’s financial troubles extend across multiple blockchains and wallets, more anomalies related to its digital asset Treasury may arise.
Solana’s Performance Amidst Unstaking Incident
While this unstaking issue unfolds, Solana (SOL) has been performing well. According to CoinGecko data, SOL has seen a 4.3% increase in the last 24 hours, a 15.1% increase in the last seven days, and a 56.9% increase in the last 30 days.
Hot Take: Unstaking Failure Highlights FTX’s Troubles
The failed attempt to unstake $58.76 million worth of Solana (SOL) from an FTX-linked wallet underscores the ongoing challenges faced by FTX amidst its bankruptcy proceedings. With billions owed to creditors, the exchange’s collapse continues to cause disruptions across multiple blockchains and wallets.
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