Onchain data has revealed that FTX/Alameda has unstaked 3.03 million SOL and transferred to multiple wallets on March 4. Lookonchain noted that 37 wallets received the $421.3 million unstaked SOL.

According to the analytic platform, Lookonchain, address: CVjsf5…shH63R received the most 892,800 SOL, worth about $128 million. A total of 12 addresses also received more than $10 million worth of SOL.

FTX/Alameda offloads 3.03 million SOL

FTX/Alameda unstaked 3.03M $SOL($431.3M) and transferred to multiple wallets.https://t.co/NFdCxT3vKD pic.twitter.com/8ms4Y3Z9fw

— Lookonchain (@lookonchain) March 4, 2025

FTX/Alameda has continued to redeem and transfer large amounts of Solana (SOL) from its staking address since November 2023. The firm unstaked and distributed 3.03 million SOL (roughly $431.4 million) to 37 wallets just three hours ago. 

The company has followed a pattern of similar monthly activity over the past year by redeeming and transferring millions of SOL tokens regularly. The tokens move at regular intervals, mainly around the 12th to the 15th of each month, with amounts approaching 170,000 SOL.

Spot On Chain noted that FTX/Alameda’s latest move was the largest unstake since November 2023. The firm also believes that FTX/Alameda’s latest unstaked Solana was likely part of the 11.2M SOL (nearly $2.06B) set to be unlocked in early March. 

The analytic firm highlighted that FTX/Alameda had unstaked and unloaded 7.83M SOL since November 2023. The firm has now unstaked about $986M SOL to Coinbase and Binance at an average price of $125.8.

In the wake of FTX’s unstaking activities, Solana has experienced a slight drop in prices since yesterday. According to CoinMarketCap, SOL has seen a 19.54% drop in the last 24 hours, exchanging hands at $135.69 at the time of publication.

FTX commences its creditor repayment process

FTX’s latest unstaking followed its recent decision to commence its creditor repayment process this month, with an initial distribution of $1.2 billion to smaller claim holders. FTX’s creditor repayment process began officially on February 18 at 3 AM UTC. The repayment of $16 billion will begin with $6.5B to $7B in the first phase. The first batch of repayments will also target creditors with claims under $50,000, totaling approximately $1.2 billion.

“It’s estimated that $6-7 Billion are going back into the hands of crypto investors. If a good fraction of that re-enters the market it could provide a boost to liquidity in the near future. – Miles Deutscher, Crypto analyst.

Louis Origny, co-founder of FTXcreditor.com, told crypto influencer and journalist Tiffany Tong that account holders with claims over $50,000 may receive 175% of their original claim. He did not provide an official date for the distribution of funds to creditors with larger claims exceeding $50,000. The firm’s executive did reveal that the process is expected to begin in Q2 2025, with an estimated $16 billion to be disbursed in stages. He also highlighted that 50% of the repayment amount will be withheld to cover disputed claims.

FTX revealed its reorganization plan that became effective on January 3, which outlined that all creditor repayments should be processed within 60 days of the effective date. Part of the plan tasked crypto custodian BitGo with handling the distribution of funds to creditors.

The firm decided to base the payouts on crypto prices from November 2022, when FTX collapsed. Solana has also increased by over 700% since the company declared its bankruptcy, surging from about $22 to price levels slightly above $180. Ethereum holders with Ethereum in FTX will get a full $2500, the same price in 2022.

FTX liquidated 41 million SOL in three auctions as part of its bankruptcy proceedings to refund its customers. Galaxy Digital was the largest buyer, acquiring nearly 25.52 million SOL at a price of $64 per token. At current SOL prices, Galaxy’s return rate stood at 187% since Solana’s price rose since the exchange went bankrupt.

Pantera was the second-largest buyer, followed by a consortium of buyers who secured 13.67 million SOL at $95 per token. The purchase resulted in a 93% return rate, with other buyers managing to acquire 1.8 million SOL at $102 at 80% profit.

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