The failed exchange FTX withdrew staking of nearly 190,000 Solana (SOL), valued at over $31 million, today (11), amid requests from creditors seeking reimbursement.
The action raises new questions about the resilience of the altcoin and how the market may react to bankruptcy-driven selling pressure during a broad crypto rally.
According to Lookonchain, the transaction occurred a few hours ago. It involved 189,851 SOL, valued at $30.94 million at the time.
FTX/Alameda unstaked 189,851 $SOL($30.94M) an hour ago.https://t.co/dT34eyurd8 pic.twitter.com/5SLLvJcUZS
— Lookonchain (@lookonchain) July 11, 2025
Although FTX has regularly withdrawn staking and transferred SOL to wallets linked to the failed exchange in recent months, the timing of this latest action is concerning.
This comes amid renewed institutional interest and price momentum, with Bitcoin (BTC) testing new all-time highs (ATH). Meanwhile, analysts anticipate a potential altcoin season, with Ethereum recovering the psychological level of $3,000.
These milestones have amplified speculation about the potential market impact of FTX withdrawing staking from such a large volume of Solana tokens.
"Sending this to the market could bring more uncertainty to SOL," a user on X (formerly Twitter) commented.
FTX could send the tokens to creditor wallets as part of the reimbursement scheme for customers. The supply shock could influence the price of Solana.
This could happen if the recipients decide to sell to capitalize on the current crypto market rally.
Solana (SOL) Price Performance. Source: BeInCrypto
Meanwhile, the action is also directly linked to the ongoing bankruptcy case of FTX, as it seeks to reimburse creditors. The failed exchange is in the process of distributing about $5 billion in assets to creditors. However, the latest controversy revolves around the geographical distribution of these claims.
"Today, certain creditors of the FTX Recovery Trust reside in jurisdictions that continue to have laws and regulations restricting cryptocurrency transactions. The collection of potentially applicable non-American laws and regulations is daunting," FTX recently stated.
BeInCrypto reported that FTX proposed freezing claims from 49 countries, citing local crypto laws. Although these countries represent only 5% of all claims, China makes up 82% of this group, raising legal and logistical concerns.
Continental China banned crypto trading and exchanges in 2021, but Chinese residents can still hold and receive USD abroad.
"There are over 1,000 users I saw in WeChat groups who were severely affected by the FTX scam. If victims in restricted regions unite, it would force FTX to face more serious consequences and pay for this fraud," a affected user lamented.
This pressure could influence how and when FTX liquidates assets like Solana to raise capital for reimbursements. This is especially true if certain groups demand fair treatment.
For now, analysts remain divided on the impact. On one hand, the release of $31 million is modest compared to previous moves related to FTX, such as the unlocking of 236 million SOL earlier this year that triggered a temporary price drop.
The article FTX withdraws $31 million in Solana as creditor increases pressure was first seen on BeInCrypto Brazil.
