The movement of over 13 million Solana ($SOL ) tokens within the last two months has been traced to bankrupt entities FTX and Alameda.
These firms, despite facing insolvency, managed the transfer of approximately 13.22 million SOL to an exchange between October 24 and December 14, 2023.
Moreover, another 2 million SOL is held by the bankrupt exchange, which could potentially be liquidated in the case of a sale.
Solana has no maximum supply and operates under a fixed annual inflation rate, releasing tokens on specific dates.
Currently priced at $91.3 per token, the accumulated transfer of SOL by FTX and Alameda amounts to about $1.2 billion since their liquidation began.
Yet, these companies still hold a combined value of $3.5 billion in SOL at the present market rates.
The movement of assets by these entities intensified in December, with $10.8 million worth of various cryptocurrencies transferred to crypto exchanges such as Binance, Coinbase, and Wintermute.
This transfer involved eight tokens: GMT, UNI, SYN, FTM, SHIB, ARB, and OP.
The movement of funds from FTX and Alameda wallets commenced in March following the court's approval to return funds to investors.
This period also saw the transfer of stablecoins worth $145 million to exchanges like Coinbase, Binance, and Kraken.
In September, the court sanctioned a plan to sell FTX's digital assets to settle creditors' claims.
As part of this resolution, the exchange is mandated to liquidate a maximum of $100 million worth of tokens per week for each position.
However, under the authorization of a special committee, this limit may be increased to $200 million, either temporarily or as an ongoing measure.
Consequently, by mid-2024, clients of the exchange could potentially receive claim payments amounting to $9.2 billion, subject to the stipulated resolutions.
#DOGE #sol #xmucan
These firms, despite facing insolvency, managed the transfer of approximately 13.22 million SOL to an exchange between October 24 and December 14, 2023.
Moreover, another 2 million SOL is held by the bankrupt exchange, which could potentially be liquidated in the case of a sale.
Solana has no maximum supply and operates under a fixed annual inflation rate, releasing tokens on specific dates.
Currently priced at $91.3 per token, the accumulated transfer of SOL by FTX and Alameda amounts to about $1.2 billion since their liquidation began.
Yet, these companies still hold a combined value of $3.5 billion in SOL at the present market rates.
The movement of assets by these entities intensified in December, with $10.8 million worth of various cryptocurrencies transferred to crypto exchanges such as Binance, Coinbase, and Wintermute.
This transfer involved eight tokens: GMT, UNI, SYN, FTM, SHIB, ARB, and OP.
The movement of funds from FTX and Alameda wallets commenced in March following the court's approval to return funds to investors.
This period also saw the transfer of stablecoins worth $145 million to exchanges like Coinbase, Binance, and Kraken.
In September, the court sanctioned a plan to sell FTX's digital assets to settle creditors' claims.
As part of this resolution, the exchange is mandated to liquidate a maximum of $100 million worth of tokens per week for each position.
However, under the authorization of a special committee, this limit may be increased to $200 million, either temporarily or as an ongoing measure.
Consequently, by mid-2024, clients of the exchange could potentially receive claim payments amounting to $9.2 billion, subject to the stipulated resolutions.
#DOGE #sol #xmucan
