On June 13, FTX and Alameda Research transferred $10.3 million worth of Solana (SOL) to 30 different blockchain wallets.
The Solana transaction was detected by Arkham Intelligence, which tracks on-chain data. This move fits into a broader Solana liquidation strategy the firms started in late 2023.
The $10.3 million Solana transfer was not random. Blockchain tracker EmberCN confirmed the two bankrupt entities had unstaked 188,000 SOL, worth around $31.5 million. A portion of those unstaked Solana tokens went into this latest batch of wallet transfers.
These wallet movements have followed the same structure since November 2023. Both firms have steadily offloaded their Solana holdings after each staking unlock.
Over $1 Billion in Solana Already Liquidated
Since November 2023, FTX and Alameda Research have moved over 8.4 million SOL across multiple exchanges. That total equals more than $1.09 billion. Most of the Solana was transferred when the token traded near $130, according to EmberCN.
The Solana transfers often went through large platforms such as Binance and Coinbase. These consistent selloffs reflect efforts to move liquid assets under bankruptcy court oversight. The firms continue using this method as part of their court-approved asset sale process.
EmberCN published updated Solana transfer data on X. The pattern shows frequent wallet activity, typically following the end of staking lockups.
FTX Still Controls $775 Million in Solana
Despite moving over $1 billion in SOL, the FTX estate still holds 5.29 million Solana tokens. At current prices, this equals more than $775 million. However, most of this Solana—5.05 million—is locked in staking contracts.
These staked Solana tokens cannot be moved until unlocked. The remaining liquid portion is being transferred in batches. The 188,000 SOL unstaked this week marked one of the largest unlocks since April.
The estate continues following a consistent structure of unstaking, then transferring. These Solana wallets play a direct role in preparing assets for creditor payments.
Solana Liquidation Supports Repayments
FTX is repaying creditors under its Chapter 11 bankruptcy plan. In February 2025, the company sent $1.8 billion to former customers. A second round in May added $5 billion in repayments.
To improve global access, FTX added Payoneer to its distribution network. This move joins existing partners Kraken and BitGo. All three firms manage different parts of the repayment system.
The use of Payoneer gives the estate an alternative payout method in regions where crypto custody faces regulatory restrictions.
Solana Payouts Blocked in Several Countries
FTX continues to face challenges in repaying users in Russia, China, Egypt, and Nigeria. Due to regional policies and sanctions, users in these countries cannot access their repayments.
Before its collapse, FTX had a large user base in these locations. However, due to the blocked payout channels, many users in these countries remain unpaid.
No official timeline has been provided for resolving these payout issues. The estate has not announced a workaround or specific steps for enabling Solana repayments in these regions.