Bankrupt Companies Transfer Millions of SOL Tokens
Bankrupt companies FTX and Alameda have transferred a significant number of Solana (SOL) tokens in the past two months, according to Spot On Chain. From October 24 to December 14, 2023, these firms transferred 13.22 million SOL to the exchange. Additionally, they hold another 2 million SOL that can be liquidated if a sale occurs.
SOL Token Details
The SOL token has no maximum supply and instead operates on a fixed year-on-year inflation rate. Tokens unlock on specific dates.
Current Status and Value of SOL
The current price of SOL is $91.3. Since liquidating, FTX and Alameda have transferred approximately $1.2 billion worth of SOL. However, they still hold a cumulative value of $3.5 billion worth of SOL at the current market rates.
Asset Transfers to Crypto Exchanges
Since late October, FTX and Alameda have been actively transferring assets. In December alone, they moved $10.8 million worth of cryptocurrencies to exchanges such as Binance, Coinbase, and Wintermute. The transfer involved eight different tokens: StepN (GMT), Uniswap (UNI), Synapse (SYN), Fantom (FTM), Shiba Inu (SHIB), as well as Arbitrum (ARB) and Optimism (OP).
Funds Movement and Plan Approval
The movement of funds from FTX and Alameda Research wallets began in March when the court approved a plan to return funds to investors. At that time, $145 million worth of stablecoins were transferred to Coinbase, Binance, and Kraken exchanges.
In September, another plan was approved to sell FTX’s digital assets to pay off creditors’ claims. The resolution stated that the exchange could liquidate up to $100 million worth of tokens per week for each position. However, with the approval of a special committee, this limit can be increased to $200 million. As a result, by mid-2024, clients of the exchange may receive claims payments totaling $9.2 billion.
Hot Take: Bankrupt FTX and Alameda Transfer Millions of SOL Tokens
Bankrupt companies FTX and Alameda have transferred millions of SOL tokens over the past two months, with a cumulative value of $3.5 billion at current market rates. These transfers are part of their efforts to liquidate assets and pay off creditors’ claims. The movement of funds began when the court approved plans to return funds to investors and sell digital assets. Despite their bankruptcy status, FTX and Alameda remain major holders of SOL tokens. The ongoing transfers highlight their commitment to resolving financial obligations and maximizing returns for stakeholders.
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