Attention, crypto fans! The defunct cryptocurrency platform FTX and its sister company, Alameda Research, are still up to their antics to pay their creditors. They have just moved another $10.3 million in Solana (SOL) to 30 different wallets.
Do you remember that FTX collapsed in 2022? Well, since then, they have been selling their assets to return money to people. This is not new; since November 2023, they have already liquidated more than one billion dollars in SOL. Yes, you read that right, one billion! They do it methodically, and most of those sales are made through major platforms like Binance and Coinbase.
Although it may seem like they are emptying the coffers, FTX still has a lot of Solana! Approximately $775 million in SOL, and most of it is 'locked' in staking contracts, meaning it cannot be sold immediately.
All of this is part of FTX's reorganization plan to exit bankruptcy. They have already made two rounds of payments to their customers and investors, disbursing $1.8 billion in February and another $5 billion in May. They are working to settle those debts!
They are even adding partners like Payoneer, in addition to Kraken and BitGo, to make it easier for people to receive their money, especially in countries where there were previously issues. However, there are still many FTX users in places like Russia, China, Egypt, and Nigeria who have not been able to withdraw their funds, which remains a challenge.
So, even though FTX is moving large sums of Solana, it is a sign that they are making progress in their reimbursement process. Let's hope that soon all those affected can recover their money!$SOL $FTT
