The FTX bankruptcy estate is continuing its steady sell-off of Solana (SOL). This week alone, it redeemed 192,000 SOL, valued at about $43 million, according to on-chain data tracked by EmberCN.
This move is part of a familiar pattern. Each month, portions of FTX and Alameda’s staked holdings unlock, then flow through multiple wallets before landing on major exchanges like Coinbase and Binance.
$1.2 Billion in Solana Already Liquidated
Since November 2023, the estate has unwound nearly 8.98 million SOL, worth roughly $1.2 billion at an average price of $134 per token.
Despite that massive sell-off, FTX still holds more than 4.18 million SOL staked, valued at close to $960 million meaning the liquidation process is far from over.
Fueling Repayments to Creditors
The systematic Solana sales are a critical funding source for the estate’s bankruptcy repayment plan. Proceeds from these liquidations, including this week’s $43 million, are being used to reimburse creditors and former customers.
So far, FTX has distributed about $6.2 billion back to customers across two rounds, including a $5 billion payout in May. The next round of repayments is scheduled for September 30, marking another milestone in one of the largest bankruptcy repayment efforts in crypto history.
Meanwhile, SBF Fights His Conviction
While the estate works to repay billions, FTX founder Sam Bankman-Fried is fighting to overturn his conviction. Found guilty on seven federal charges including wire fraud and conspiracy to commit money laundering he was sentenced to 25 years in prison earlier this year.
His legal team has since filed an appeal, contesting both the conviction and the lengthy sentence, even as FTX’s estate continues to clean up the wreckage of his failed empire.
