FTX Moves to Sell-off 1M Solana After SOL Grows 90% To $43.79

  • FTX and Alameda transferred $38.5 million in cryptocurrencies to exchanges in 24 hours.
  • FTX’s Solana reserves are nearly exhausted after one million SOL worth $43 million were moved out.
  • So far, FTX has moved 36 digital assets out to exchanges valued at over $350 million.

On-chain data has revealed that wallet addresses linked to the insolvent cryptocurrency entities FTX and Alameda have continued to engage in substantial movement of their crypto portfolio to exchanges, potentially for liquidation.

Monitoring tools tracking blockchain transactions have reported that wallets tied to FTX have moved seven cryptocurrencies, collectively valued at upwards of $38.5 million within the last 24 hours. The destinations of the transfers include crypto exchanges Binance and Coinbase. 

Leading the pack in their most recent crypto movement to exchanges is Solana (SOL), a digital asset that has appreciated by over 90% within the last 30 days. Specifically, FTX entities moved out 750,000 SOL valued at $31.2 million. Market tracker Spot On Chain disclosed the movement in a recent tweet. 

Meanwhile, in a follow-up statement, it noted FTX transferred an additional 250,000 SOL tokens worth $10.83 million to the largest trading platform, Binance. Therefore, in 24 hours, FTX has deposited one million units of SOL tokens to exchanges. The moved SOL is worth over $43 million.

Cumulatively, Spot On Chain noted that FTX has sent a staggering 5.74 million SOL to liquid centralized trading platforms. These tokens hold a market value of approximately $223 million. As a result of the continuous deposits to exchanges, FTX’s Solana is almost completely depleted. It now only controls 1.25 million SOL tokens valued at $54.5 million.

Notably, other less prominent digital assets FTX entities have deposited to exchanges under 24 hours include ENS ($2.76 million), GMT ($2.22 million), LDO ($1.26 million), APE ($410,000), BADGER ($365,000) and BNT ($323,000).

Overall, the bankruptcy entities have sent out at least 36 digital assets to exchanges as of November 8. These moved tokens are worth $350 million. It is worth stating that FTX has recently obtained judicial authorization to liquidate crypto assets exceeding $3 billion in value to repay its customers.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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