FTX Dumps Another $10M in Solana as Wind-Down Efforts Press On

The slow dismantling of Sam Bankman-Fried’s crypto empire continues, with defunct firms FTX and Alameda Research quietly shifting another $10.3 million in Solana (SOL) as part of their asset liquidation plan.

The transfers, flagged on June 13 by blockchain analytics firm Arkham Intelligence, show 30 fresh wallet destinations receiving funds in yet another coordinated move.

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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.