Bankrupt crypto exchange FTX’s sister company Alameda Research “unstaked” roughly $16 million worth of Solana’s SOL token and moved the same to an address linked to creditor repayments, according to data source Arkham.
Unstaking refers to the process of withdrawing crypto assets that were previously locked up in a proof-of-stake (PoS) network to help secure the blockchain and earn rewards.
The latest move follows a familiar pattern: unstake coins and route them to addresses used to reimburse creditors. About a month ago, Alameda did the same, directing funds to the same distribution address. That prior move ultimately raised expectations that the funds were part of an ongoing creditor repayment process tied to the firm’s restructuring.
While there has been no formal confirmation that this specific tranche will be distributed imminently, the repetition of the pattern suggests continuity in the process rather than an isolated movement.
SOL, the native token of programmable blockchain Solana, has a market capitalization of $47.26 billion, which makes it the seventh-largest digital asset in the world. As of writing, SOL traded near $82, largely unchanged on a 24-hour basis, but down significantly from its all-time high of $293 hit in January last year.
Alameda, founded by Sam Bankman-Fried in 2017, began as a quantitative trading shop focused on arbitrage opportunities in digital assets, exploiting price differences across exchanges and markets.
At its peak, Alameda was a major liquidity provider across crypto markets and was deeply embedded in the ecosystem, trading billions in volume and operating across spot, derivatives, and structured products.
Alameda still holds about 3.5 million SOL worth $294.10 million, per Arkham.