FTX News: Major SOL Unlock by FTX and Alameda Raises Market Concerns

In a significant development for the cryptocurrency market, FTX and Alameda Research have unlocked and distributed a large number of Solana tokens. This move has raised concerns about potential market impacts and the broader implications for the industry.

FTX and Alameda Wallets Unstake 3 Million Solana Tokens

FTX and Alameda Research have unlocked and distributed over 3 million Solana (SOL) tokens, valued at approximately $431.4 million, across 37 wallets. This marks their largest SOL unlock since November 2023 and coincides with FTX’s creditor repayment process, which began on February 18. The ongoing token unlocks could impact market sentiment, with more similar events expected in the coming months. The move has renewed concerns over potential market impact as the firms continue their asset liquidations.

FTX Creditor Distribution Update: Second Phase to Begin May 30

FTX creditors will begin receiving the second phase of distribution on May 30, 2024. This phase will include claims exceeding and less than $50,000, unlike the first phase which was limited to claims not exceeding $50,000. The distribution will apply to holders of Convenience Claims, FTX Class 5 Customer Entitlement Claims, and Class 6 General Unsecured Claims. The anticipated record date for the next distribution is April 11, 2025. Kraken, chosen by some creditors as their preferred platform for refunds, has sent out emails regarding the upcoming distribution.