FTX Offloads Another $10M in Solana—Bankruptcy Fire Sale Rages On
Another day, another crypto carcass picked clean by vultures.
FTX''s estate just dumped another $10 million worth of SOL tokens onto the market—because nothing says ''orderly wind-down'' like panic-selling into a bear market. The bankrupt exchange''s liquidators keep treating Solana like a piñata, swinging harder with each court-approved bash.
Where''s the bottom? Who cares—the lawyers get paid either way.
Steady Outflows From a Billion-Dollar War Chest
The latest batch appears to stem from a recent unstaking of 188,000 SOL—worth over $31 million—confirmed by researcher EmberCN. These tokens are the latest in a long chain of sales and reallocations by the bankruptcy estate, which has been steadily offloading SOL since November 2023. In that time, over 8.4 million SOL, worth roughly $1.09 billion, has changed hands.
Most of these tokens were sold through top-tier exchanges such as Binance and Coinbase, typically around the $130 mark. The clear objective: convert holdings to cash to repay creditors left hanging after FTX’s 2022 implosion.
Even so, the estate isn’t close to being out of Solana. As of now, it still controls around 5.29 million SOL—worth approximately $775 million—with the majority locked up in staking contracts.
Repayments Rolling Out
These transactions coincide with FTX’s active bankruptcy resolution. Two major creditor repayments have already been completed this year—$1.8 billion in February, followed by a hefty $5 billion payout in May.
To improve global distribution, FTX recently brought Payoneer on board as a new payment partner, joining Kraken and BitGo. The move is aimed at streamlining the release of funds to users in jurisdictions that previously faced delays due to limited crypto custodian support.
Still, many former users in regions like Russia, Egypt, Nigeria, and China remain cut off from their funds due to ongoing legal and geopolitical constraints—despite representing a significant chunk of FTX’s original customer base.
The liquidation process may be steady, but it’s clear that FTX’s multi-billion-dollar crypto clean-up is far from over.
