FTX and its trading arm Alameda Research have taken significant steps in paying off debts to creditors by transferring large amounts of Solana cryptocurrency.
FTX continues selling SOL on major exchanges
According to blockchain analytics platforms SpotOnChain and Arkham Intelligence, FTX has previously made significant SOL transfers. In March, 3.03 million SOL were unlocked, valued at about $432.5 million. A substantial portion of these tokens was sold on exchanges such as Coinbase and Binance.
FTX creditor payments ongoing
FTX has already started returning funds to some creditors. Those with claims below $50,000 received full compensation in January, including 9% annual interest on their claims. However, certain countries, like China and Russia, are not receiving funds due to jurisdictional restrictions.
Impact on Solana's price
The recent Solana unstaking events have impacted its market value. The price of SOL fell by 2.24% in the past 24 hours, according to CoinMarketCap data. Since reaching its all-time high of $294, the token has lost approximately 58.42% of its value.
The ongoing actions of FTX and Alameda Research regarding their SOL sales continue to impact the market and the process of creditor payments. Meanwhile, Solana's price remains volatile, contributing to investor uncertainty.
