FTX/Alameda recently unstaked and distributed significant amounts of SOL, affecting the market and linked to creditor repayment efforts.
Unstaking and Distribution
On March 13, FTX/Alameda unstaked and distributed 185,328 SOL (around $23M) to 38 FTX-linked addresses. Since November 2023, the firm has unstaked 7.845 million SOL. Arkham Intelligence noted that the FTX/Alameda address received $22.9M SOL from a staking address and distributed these funds to 37 addresses.
Market Impact
Solana's price fell by 1.2% in the first hour following the withdrawals, reaching $122.25. Trading volumes on Solana-based decentralized exchanges rose by 15%. Binance highlighted a 20% surge in SOL/USDT trading volume, while Coinbase noted a 10% increase in SOL/BTC trading volume.
Creditor Repayments
FTX initiated its first round of creditor repayments in February, with ongoing distributions. Users will be reimbursed based on their token value in 2022, with an interest rate. The next distribution date is April 11, 2025, targeting specific claim classes.
FTX/Alameda continues to engage in substantial recovery efforts and creditor repayments, which are accompanied by significant market movements.
