This week, FTX and Alameda Research unstaked over 175,000 SOL, raising concerns among Solana investors. These developments highlight FTX's ongoing efforts to repay creditors.

SOL Unstaking and Its Implications

FTX and Alameda Research unstaked 178,631 SOL, equivalent to approximately $28 million, from a wallet tied to the bankrupt exchange. These tokens are expected to be distributed across various wallets on major exchanges such as Binance and Coinbase.

Cryptocurrency Sales for Creditor Repayment

In an effort to repay creditors, FTX announced an auction of $7.5 billion in SOL back in April. Subsequently, 530,000 SOL valued at $71 million were unstaked in September. A $100 million crypto sale plan was approved by courts in September. FTX is also selling Ethereum and Polygon to recover losses.

Market Reaction and Solana

Despite the SOL unstaking news, Solana's price has slipped just 0.3% over the last 24 hours. Over the week, SOL is up more than 7.3%.

While the SOL unstaking raises concerns among investors, the Solana market remains resilient as FTX continues its efforts to return funds to creditors.