Bankrupt crypto exchange FTX’s sister company Alameda Research “unspent” about $16 million of Solana’s SOL token and moved the same to an address linked to creditor repayments, according to data source Arkham.
Unstaking refers to the process of withdrawing crypto assets that were previously locked up in a proof-of-stake (PoS) network to help secure the blockchain and earn rewards.
The latest move follows a familiar pattern: Withdraw coins and direct them to addresses used to reimburse creditors. About a month ago, Alameda did the same, directing money to the same distribution address. The earlier move ultimately raised expectations that the funds were part of an ongoing creditor repayment process linked to the company’s restructuring.
While there has been no formal confirmation that this specific tranche will be distributed immediately, the repetition of the pattern suggests continuity in the process rather than an isolated movement.
SOL, the native symbol for the programmable blockchain Solana, has a market cap of $47.26 billion, making it the seventh largest digital asset in the world. At the time of writing, SOL was trading near $82, largely unchanged on a 24-hour basis, but down significantly from its all-time high of $293 last January.
Founded by Sam Bankman-Fried in 2017, Alameda began as a quantitative trading shop focused on arbitrage opportunities in digital assets, exploiting price differentials across exchanges and markets.
At its peak, Alameda was a major liquidity provider across crypto markets and was deeply embedded in the ecosystem, trading billions in volume and operating across spot, derivatives and structured products.
Alameda still has about 3.5 million SOL worth $294.10 million per share. Arkham.
