Recent events surrounding FTX and Alameda Research continue to attract attention, particularly the sell-off of Solana tokens and legal disputes involving celebrities.
Asset Management of FTX
The bankruptcy estate of FTX and Alameda Research has unstaked 188,000 staked Solana tokens worth $31.5 million. Onchain analyst Ember_CN noted that the funds were moved to 30 addresses after the unstaking. Since the beginning of staking in 2023, the FTX staking address has redeemed 8.407 million SOL tokens, all of which have been sold on centralized exchanges such as Binance and Coinbase.
Preparation for Creditor Distributions
The recent Solana unstaking comes as FTX prepares for the third phase of distributions to creditors. So far, the exchange has refunded over $7 billion to various classes of creditors, with the last payout concluding on May 30. Signs are already evident of preparations for the next round, with FTX agreeing with the payment platform Payoneer to serve as its third distribution agent. However, several countries remain restricted and without a distribution provider.
Summary of Legal Disputes
The repayment efforts have not halted ongoing lawsuits stemming from the FTX collapse. Notably, Shaquille O'Neal has agreed to settle a class-action lawsuit against him for $1.8 million for promoting FTX, without admitting any wrongdoing. This settlement is pending court approval and represents the first instance of a celebrity settling a claim related to FTX. Meanwhile, FTX continues to pursue recoveries from other individuals, including actions against Binance and former executives.
The sell-off of Solana tokens and ongoing legal disputes surrounding FTX highlight the challenges faced by creditors and market participants following the exchange's collapse.
