FTX and Alameda Research transferred Solana (SOL) tokens worth $10.3 million to 30 different blockchain addresses. This move shows that the liquidation process of SOL, which has exceeded $1 billion since November 2023, is ongoing.

Cryptocurrency firms in bankruptcy, FTX and Alameda Research, continue to systematically dispose of digital assets with this transfer that took place on June 13. On-chain analysis platform Arkham Intelligence reported the movement.

Blockchain expert EmberCN confirmed that firms recently unstaked approximately 188,000 SOL, which is valued at about $31.5 million. Some of these assets were redirected to new addresses.

Regular movements observed since November 2023 reveal that FTX and Alameda have been offering large amounts of SOL for sale. EmberCN noted that during this period, the bankrupt entities held over 8.4 million SOL—meaning over $1.09 billion—in tokens.

It is reported that most of the transferred SOLs were moved to major exchanges like Binance and Coinbase at an average price of around $130. This situation is seen as a sign of an active selling strategy. Market analysts state that this process is a step towards ensuring repayments to creditors following the 2022 bankruptcy.

Despite this, the bankrupt firms continue to hold significant amounts of Solana. FTX has approximately 5.29 million SOL under its control, which corresponds to a value of over $775 million, and 5.05 million of these are locked in staking contracts.

Recent transactions indicate that the fund distribution is ongoing under FTX's approved Chapter 11 restructuring plan. The bankrupt company has completed two rounds of payments to former customers and investors in recent months. Approximately $1.8 billion was paid out in February, followed by an additional $5 billion distributed in May.

Additionally, by adding Payoneer to the list of FTX payment distribution partners, a new supporter has been brought in alongside existing custodians Kraken and BitGo. This move aims to facilitate the refund process and expand international access.

Experts state that Payoneer is particularly important for users in regions that have experienced fund access issues due to restrictions from previous cryptocurrency custodians. However, many creditors in countries like Russia, China, Egypt, and Nigeria still have not received payments. These users constituted a significant portion of FTX's customer base before the bankruptcy.

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