FTX/Alameda redeems 185k SOL today, totaling 7.845m SOL ($1.00878 B) since Nov 2023

Arkham Intelligence has revealed that FTX/Alameda redeemed 185,328 SOL from staking a few hours ago. The now-defunct company also distributed approximately $22.89 million in digital assets to 38 addresses.

The firm noted that the addresses often transferred most of the SOL tokens to Coinbase and Binance. FTX/Alameda has cumulatively transferred 7.845M Solana since November 2023, valued at approximately $1.00878 billion.

FTX/Alameda redeems 185K SOL today

ARKHAM ALERT: ALAMEDA ADDRESS JUST UNSTAKED $23M SOL TO 38 NEW ADDRESSES

An FTX/Alameda Staking address received $22.9M SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address.

These addresses… pic.twitter.com/9eWuKAY4na

— Arkham (@arkham) March 12, 2025

The collapsed crypto company FTX/Alameda has unstaked and distributed 185,328 SOL (roughly $23M) to 38 FTX-linked addresses on March 13. The firm has cumulatively redeemed a total of 7.845 million SOL (approximately $1.01B) since November 2023.

“An FTX/Alameda staking address received $22.9M SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address.”

– Arkham Intelligence

FTX/Alameda executed its monthly withdrawal of 185K SOL at an average transfer price of $128 per SOL. The price of Solana is currently exchanging hands at $124.06 at the time of publication, a 1.71% surge in the last 24 hours. The impact of the withdrawals saw a slight dip in SOL’s price by 1.2% within the first hour, plummeting to $122.25 at 11:30 a.m. UTC.

Dex Screener also revealed that the dip can be attributed to the sell pressure from the virtual assets being moved to exchanges. The analytic firm noted that trading volumes on Solana-based decentralized exchanges (DEXs) surged by 15% within the same timeframe. DEXs recorded a total of $450 million in SOL trading volume. 

Binance highlighted that its stablecoin SOL/USDT also realized a 20% surge in trading volume, with 1.2 million Solana stated in the hour following the withdrawal announcement. Coinbase also noted that the SOL/BTC pair experienced a 10% increase in volume, totaling 800,000 SOL traded.

On-chain data from Arkham Intelligence also revealed that the address that received the unstaked crypto currently held 5.502 million SOL, approximately $693.8 million. FTX/Alameda has unstaked and distributed huge amounts of virtual assets on several occasions. The firm’s bankruptcy address once staked $10 million in MATIC tokens in late 2023 and moved Ethereum worth $14.75 million in early 2024.

FTX/Alameda commences creditor repayments

The company has not yet said what it’s planning to do with these unlocked virtual currencies. FTX kicked off the first round of creditor repayments in February but said the process will be long and customers should expect to receive funds within 1 to 3 business days. Former FTX users began reporting last month that their repayments were finally coming in. 

The firm said that the users will get reimbursed based on the value of their tokens in 2022, with an attached interest rate. The interest rate would be lower than their rate of growth, which was meant to encourage future investment.

The collapsed crypto exchange also unstaked tokens worth $1.57 billion earlier this month. It announced that its anticipated record date for the next distribution will be April 11, 2025. The firm stated that the next distribution will be for holders of allowed claims of FTX’s Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims as defined in its plan.

FTX also noted that the next date for Convenience Claims that had become allowed since the initial record date and had not received their distribution was also set for April 11. The company added that the next distribution will commence on May 30, 2025.

Plan Administrator of the FTX Recovery Trust, John J. Ray III, highlighted that they were pleased to commence initial distributions and set the timeline for their next distribution. He acknowledged that FTX appreciated its customers and creditors’ patience and collaboration throughout the process. Ray also added that “our work is not over – we intend to continue our recovery efforts and return funds to additional claim classes.”

The exchange maintained that the Initial Distributions will only be made to holders of allowed claims that have met required pre-distribution requirements. FTX also urged its customers and creditors to continue completing their Know Your Customer (KYC) verification and onboard with BitGo and Kraken to receive a distribution.

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