FTX estate unlocks $45M worth of Solana from staking

The bankruptcy estate of FTX and its sister trading firm Alameda Research has redeemed another batch of Solana from staking positions to continue repaying creditors, according to the latest on-chain ￰0￱ and Alameda have reportedly redeemed about 192,000 SOL tokens, valued at roughly $44.9 ￰1￱ tokens could be distributed to several wallets before being transferred to exchanges in the coming weeks. “They redeemed 192,000 $SOL from staking, which will likely be distributed and transferred to multiple addresses later today, as ￰2￱ of these addresses receiving SOL will subsequently transfer the SOL to Coinbase or Binance,” EmberCN ￰3￱ redemption follows a withdrawal of just under 191 SOL from staking pools a month ￰4￱ blockchain records on Solscan, the estate still has 4.18 million SOL ￰5￱ in Solana already liquidated According to data from Solana’s transactions explorer, the FTX-Alameda staking address has redeemed and transferred a total of 8.98 million SOL since November ￰6￱ total amount obtained from the transactions was worth $1.2 billion, at an average sale price of $134 per ￰7￱ estate still holds approximately 4.18 million SOL, currently valued at around $977 million, staked under the estate’s ￰8￱ of the tokens are subject to a four-year vesting ￰9￱ to the restrictions, the estate has been selling them gradually through private auctions at discounts to the market ￰10￱ in those auctions have included crypto firms such as Galaxy Digital and Pantera ￰11￱ staked coin redemptions have not negatively affected Solana’s market ￰12￱ to CoinGecko, the token went up 6.2% in the past 24 hours to reach $237.71 as of 8:50 AM BST ￰13￱ the past week, Solana has gained more than 14%, recording its lows at $199 on September ￰14￱ beleaguered exchange will make its next round of creditor repayments on September 30, though the estate has not disclosed the size of the payout.

BitGo, Kraken, and Payoneer are the designated distribution partners to process the ￰15￱ estate began repaying creditors earlier this year after securing court approval for its redistribution ￰16￱ far, approximately $6.2 billion has been returned to customers across two prior ￰17￱ February, creditors received $1.2 billion, followed by a $5 billion payout in ￰18￱ exchange turned bankrupt still in US court’s watch FTX was the world’s third-largest cryptocurrency exchange by trading volume before its collapse in November ￰19￱ firm’s downfall began after scores of customers and investors, including Binance, rushed to withdraw funds and dented holes in its balance ￰20￱ company became insolvent and filed for bankruptcy protection in the United ￰21￱ and chief executive Sam Bankman-Fried was later convicted of defrauding customers and investors of more than $11 billion in ￰22￱ court sentenced him to 25 years in prison, and he’s currently serving his sentence at a transfer facility in ￰23￱ reported by Cryptopolitan on Tuesday, joint liquidators for failed hedge fund Three Arrows Capital (3AC), Russell Crumpler and Christopher Farmer, filed a legal notice with the US Bankruptcy Court for the District of Delaware to depose Bankman-Fried under Rule 45 of the Federal Rules of Civil Procedure. 3AC co-founder Zhu Su is accusing him of improperly liquidating $1.5 billion of the fund’s positions without proper ￰24￱ Ryne Salame, a former FTX executive, has also been accused of using insider information to front-run trades against customer ￰25￱ trades allegedly allowed him to cash out more than $1 billion before the exchange ￰26￱ your project in front of crypto’s top minds?

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