FTX Unstakes $160M SOL, Transfers Millions to Exchanges

FTX-linked wallets stir speculations after unstaking Solana (SOL) and transferring millions to centralized exchanges.

Nervous man looking at a huge jar of coins, the jar has an FTX logo and lot's of cracks.
Created by Gabor Kovacs from DailyCoin
  • FTX-linked crypto wallets have been active.
  • The exchange unstaked sizable SOL.
  • Millions were moved to centralized exchanges following the withdrawal.

Crypto wallets linked to Sam Bankman-Fried’s bankrupt exchange FTX have been active during the weekend, with reports tying them to digital asset transactions worth millions of dollars.

The recent on-chain activity follows SBF’s conviction on FTX-related fraud charges. It could signify that the exchange is expediting its pending matters, including a proposed $774 million firesale as an advance payout plan.  

FTX Unstakes SOL and Moves Millions in Assorted Crypto

Blockchain analytics platform Lookonchain reported that on November 3, FTX-linked wallets unstaked 3.96 million Solana (SOL), worth around $160 million.

The withdrawal was followed by other transactions, including 250,000 SOL (about $10.35 million) to Binance and an assortment of other cryptocurrencies on Ethereum worth approximately $11 million to Coinbase, Binance, and Kraken.

The cryptocurrencies in the $11M batch included 1 million USDC ($1M), 2.1 million SUSHI ($2.351M), 7.7 million Basic Attention (BAT) ($1.65M), 71.6 million GALA ($1.36M), 810,0000 MASK ($2.49M), 650,000 LDO ($1.3M), and small amounts of COMP and FYI.

Although it is unclear who might be behind the recent FTX-linked wallet transactions, Twitter (X) user Crypto50cent believes it could be Galaxy, the company appointed to supervise FTX liquidations in the ongoing bankruptcy proceedings.

While DailyCoin couldn’t confirm Crypto50cent’s assertion, something big could be brewing at the fallen crypto exchange.

Gearing for a Potential Restart?

On October 24, just a day before FTX and Alameda Research-linked wallets moved assorted crypto worth $19 million, it was reported that SBF’s bankrupt exchange was in revival talks with at least three bidders.

Further, in a previous court hearing, FTX attorney Andrew Dietderich reportedly revealed that the crypto exchange had amicably resolved contentious disputes with key creditor groups, indicating that FTX’s future plans are on course.

Stay updated on why FTX is revisiting its past deals:
FTX Revisits Past Deals for Scraps as Debtor Tensions Rise

FTX is also engaged in other legal actions. Find out more in this article:
FTX Subpoenas AI Firm Over $6.5M Pre-Collapse Investment

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.

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.