The bankrupt FTX and Alameda estate has redeemed another tranche of Solana tokens from staking, continuing a pattern of regular monthly liquidations.
According to blockchain analytics provider EmberCN, about 192,000 SOL, worth approximately $44.9 million, was unstaked on Thursday. EmberCN said the move followed the customary redemption window around the 10th of each month.
Nearly $1.2 billion already unstaked
On-chain data tracked by EmberCN shows the estate has redeemed and transferred around 8.98 million SOL since November 2023, worth $1.2 billion at an average transfer price of $134.
Despite these sales, FTX and Alameda still retain significant exposure. Data from Solscan indicated that around 4.18 million SOL, valued at about $977 million, remained staked as of Thursday.
Market price reaction
Solana’s token price edged higher after the redemptions. TradingView recorded SOL trading around $237, a 6.3% gain over 24 hours and 15% higher for the past week.
Creditor payouts on track
FTX is scheduled to make its third round of creditor distributions on September 30, though the size of the payment has not been disclosed.
So far, the estate has returned about $6.2 billion to customers: $1.2 billion in February and $5 billion in May. Payments to creditors are being handled through BitGo, Kraken, and Payoneer.
A group of creditors in China representing more than 300 users has filed an objection to the estate’s proposal to restrict payouts in 49 jurisdictions, including China, calling the move unfair and legally unfounded. The court has yet to rule on the challenge.
Collapsed empire and criminal fallout
FTX collapsed in November 2022 following revelations of balance sheet shortfalls between the exchange and affiliated hedge fund Alameda Research.
Founder Sam Bankman-Fried was sentenced in 2023 to 25 years in prison and fined over $11 billion after being convicted of defrauding customers and investors. Federal prison records show he is serving his sentence at Terminal Island in California, with a projected release in December 2044 factoring in good-conduct credits.
Three Arrows expands claims
Separately, liquidators for failed hedge fund Three Arrows Capital (3AC) have subpoenaed Bankman-Fried, former Alameda CEO Caroline Ellison, and ex-FTX executive Ryne Salame over allegations that FTX-linked entities unlawfully liquidated more than $1.5 billion in 3AC assets.
The subpoenas claim that Bankman-Fried and other FTX insiders engaged in unauthorized liquidations and potential front-running strategies that worsened 3AC’s collapse. Court filings indicate Bankman-Fried’s deposition is scheduled for October 14, 2025, at Terminal Island prison.
Remaining estate position
Despite selling nearly $1.2 billion worth of Solana since late 2023, FTX’s estate still maintains a holding valued close to $1 billion. If sold over time, these reserves could influence liquidity flows in Solana markets.
Gunel Ismayilova
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