FTX Moves $13.54M Solana (SOL) Amid Stalled Rally

Solana (SOL) dips 7.6% as FTX moves 13.54 million SOL to Binance and Wintermute.

Hand moving solana coins down a technology portal.
Created by Kornelija Poderskytė from DailyCoin
  • An FTX-linked address is active again.
  • The wallet transferred crypto assets worth millions of dollars.
  • Cumulatively, FTX has moved almost half a billion in assorted crypto as of today.

As Sam Bankman-Fried (SBF) awaits sentencing following a guilty jury verdict on November 2, wallets linked to his defunct crypto exchange FTX are moving digital assets worth millions of dollars to centralized exchanges and trading firms.

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In the latest transaction round, an FTX-labeled address moved millions in Solana (SOL) and Tether USDT to crypto exchange Binance and trading firm Wintermute. The wallet is believed to be in control of a debtor group handling the exchange’s bankruptcy proceedings.

FTX Moves $13.54M SOL as Rally Stalls

On November 14, Blockchain security firm PeckShield issued an alert on 𝕏 (formerly Twitter) noting that an FTX-labeled address had transferred 250,000 SOL ($13.54M) and $3.99M USDT to Binance and Wintermute within eight hours.

Following the massive transaction, SOL has dipped 7.6% in the last 24 hours, according to data captured on CoinMarketCap.

While the dip might seem negligible given that SOL gained 150% in the last 30 days, the token’s rally seems to have taken a breather as FTX’s massive transactions send mixed messages about Solana’s popularity among crypto circles.

Notably, this isn’t the first multimillion-dollar transaction in SOL.

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A week before the November 14 transfer, FTX-linked wallet addresses unstaked 3.96 million Solana (SOL) ($160 million) and moved 750,000 SOL ($30 million) to Binance. Following the transaction, SOL lost 5% but recovered, and its price moved up afterward.

But even as observers speculate on FTX’s plans with its sizable SOL stake, estimated at over $1 billion, the debtor group in control of the active wallet addresses seems to be preparing for something bigger with more transactions reported.

More Assets Deposited to Exchanges

Comparative data analysis from Spot On Chain reveals that on November 14, FTX further deposited 8.27 million MATIC ($7.41M) and 1,500 ETH ($3.1M) to crypto exchanges Kraken and OKX.

Cumulatively, as of November 14, FTX and its sister company, Alameda Research, have moved 42 crypto assets worth $438M to exchanges.

Read how FTX recently moved $13.6M in assorted crypto:
FTX Moves $13.6M GRT, AAVE, DYDX Among Other Crypto Assets

Stay updated on how an FTX customer lost money because he trusted SBF:
FTX Customer Duped by SBF’s Lies Details Brutal $300K Loss

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.