FTX, Alameda Redeem $45 Million in Solana From Staking
Bankrupt crypto corporations FTX and Alameda have withdrawn roughly 192,000 Solana (SOL) tokens, price round $44.9 million, from staking, in response to blockchain analytics provider EmberCN.
Key Takeaways:
- FTX and Alameda redeemed $44.9 million in Solana, persevering with a $1.2 billion unstaking pattern.
- Despite redemptions, the property nonetheless holds 4.18 million SOL price almost $1 billion.
- FTX has returned $6.2 billion to collectors and plans a 3rd payout on September 30.
The transfer follows a constant sample noticed over the previous 12 months, with the property redeeming Solana belongings on a near-monthly foundation.
Since November 2023, FTX and Alameda have unstaked and transferred almost 9 million SOL, valued at $1.2 billion, averaging $134 per token.
FTX Estate Still Holds Nearly $1B in Solana Despite Ongoing Redemptions
Despite the continued redemptions, the property nonetheless holds a major Solana place.
Data from Solscan reveals that roughly 4.18 million SOL, price an estimated $977 million, stays staked as of Thursday.
Solana’s market response was muted however constructive. The token traded at $234.27 late Thursday evening, reflecting a 4.3% each day achieve and a 14.4% enhance over the previous week, in response to The Block.
Meanwhile, FTX is gearing up for its third round of creditor repayments scheduled for September 30.
The property has to date returned $6.2 billion to former customers, $1.2 billion in February and one other $5 billion in May, as a part of its restructuring efforts.
The funds can be processed via FTX’s designated distribution companions, together with BitGo, Kraken, and Payoneer.
As reported, a Chinese creditor representing over 300 customers is opposing FTX’s proposal to restrict payouts in 49 jurisdictions, together with China, arguing it’s legally unfounded and unfair.
Earlier this 12 months, FTX started repaying collectors after securing courtroom approval for its redistribution plan, and so far, has returned roughly $6.2 billion.
FTX, as soon as a dominant participant in the crypto house, collapsed in November 2022 following a liquidity disaster triggered by revelations about its stability sheet.
The fallout led to legal fees towards founder Sam Bankman-Fried, who was sentenced in 2023 to 25 years in jail for defrauding clients and buyers of greater than $11 billion.
However, he’s now projected to be released from federal prison on December 14, 2044, after serving lower than 21 years of his 25-year sentence for fraud tied to the FTX collapse for good conduct.
He was additionally fined over $11 billion. Federal data verify that Bankman-Fried has been moved from New York to a switch facility in Oklahoma following almost two years behind bars.
3AC Targets FTX Execs Over $1.5B Liquidation in New Subpoenas
The liquidators of collapsed hedge fund Three Arrows Capital (3AC) have subpoenaed former FTX CEO Sam Bankman-Fried, ex-Alameda CEO Caroline Ellison, and FTX government Ryne Salame.
The transfer follows allegations that over $1.5 billion in 3AC belongings have been liquidated unlawfully by FTX-linked entities.
Bankman-Fried’s deposition is scheduled for October 14, 2025, at Terminal Island jail, the place he’s at the moment serving time.
3AC co-founder Zhu Su claims Bankman-Fried executed unauthorized liquidations that contributed to 3AC’s downfall.
He additionally accuses Salame of utilizing insider data to front-run trades and pocket over $1 billion in income earlier than FTX’s collapse.
Ellison is predicted to be questioned relating to Alameda’s buying and selling methods that will have performed a task in the alleged misconduct.
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