The FTX Estate has made a significant move in the cryptocurrency market, redeeming 192,000 SOL worth $43 million this week. This development is part of a larger trend, as FTX and Alameda have handled almost $1.2 billion in Solana since November 2023, indicating a steady movement of funds by exchanges.
Key Developments in FTX Estate’s Solana Redemption
The recent redemption of 192,000 SOL by the FTX Estate is a notable event, with the funds valued at approximately $43 million. According to on-chain data analyzed by EMBERCN, this move follows a monthly pattern where positions are systematically unlocked and guided by several addresses, often moving towards large exchanges like Coinbase and Binance.
Since November 2023, the FTX and Alameda Estate has liquidated almost 8.98 million SOL, worth around $1.2 billion at an average price of $134 per token. Despite this significant liquidation, the estate still holds more than 4.18 million SOL, valued at approximately $960 million. This substantial holding suggests that the estate’s financial engine is still active, with potential for further redemptions and distributions.
Refunds, Financing, and Appeals
The systematic liquidation of FTX assets is driving one of the largest bankruptcy repayments in crypto history. The proceeds from these sales, including the recent $43 million, are intended to refund creditors and customers who were affected by the catastrophic collapse of the exchange. The estate’s efforts to make creditors whole are ongoing, with plans for the next round of distribution scheduled for September 30th.
So far, FTX has returned around $6.2 billion to former customers over two earlier waves, including a distribution of $5 billion in May. These efforts are taking place while Sam Bankman-Fried, the former CEO of FTX, is appealing his conviction on seven federal counts, including wire fraud and conspiracy to commit money laundering. Bankman-Fried’s legal team has denied the conviction and the 25-year sentence, highlighting the complexity and ongoing nature of the legal proceedings surrounding the FTX collapse.
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