Bankrupt companies FTX and Alameda have transferred millions of Solana (SOL) tokens over the past two months.
According to Spot On Chain, the two firms transferred 13.22 million SOL to the exchange between Oct. 24 and Dec. 14, 2023.
The bankrupt exchange additionally possesses another 2 million SOL that can liquidated in the event of a sale.
The token has no max supply and is instead governed by a fixed year-on-year inflation rate, with tokens unlocking on specific dates.
The price of SOL is currently $91.3.
At current rates, FTX and Alameda have transferred approximately $1.2 billion in SOL since liquidating. The companies still posses a cumulative value of $3.5 billion SOL at current market rates.
Since late October, companies have stepped up efforts to transfer assets. In December, they moved $10.8 million worth of cryptocurrencies to crypto exchanges Binance, Coinbase and Wintermute. Eight tokens were used for the transfer: StepN (GMT), Uniswap (UNI), Synapse (SYN), Fantom (FTM), Shiba Inu (SHIB), as well as Arbitrum (ARB) and Optimism (OP).
The movement of funds from the FTX and Alameda Research wallets began in March, when the court approved a plan to return funds to investors. At the same time, $145 million worth of stablecoins were transferred to the Coinbase, Binance, and Kraken exchanges.
In September, the court approved a plan to sell FTX’s digital assets to pay off creditors’ claims. According to the resolution, the exchange must liquidate at most $100 million worth of tokens per week for each position. However, with the approval of a special committee, the limit can be increased to $200 million, either on a one-time or ongoing basis. Thus, by mid-2024, exchange clients could receive claims payments of $9.2 billion.
