- FTX unlocked $21 million worth of Solana (SOL) after nearly a month of inactivity, ahead of its creditor repayment operations set to begin on May 30.
- This move has raised concerns in the market, with traders fearing that creditors may sell the tokens, adding volatility to an already struggling crypto market.
The ghost of FTX is haunting the crypto markets again — this time by unlocking over $21 million worth of Solana (SOL), just weeks ahead of its planned creditor repayments. With the repayments slated to begin on May 30, this sudden movement of funds is causing ripples of anxiety among traders and investors alike.
A Surprise Unlock Sparks Speculation
According to Lookonchain, FTX and its sister firm Alameda Research unlocked 186,326 SOL tokens valued at $21.5 million on April 11. This move follows nearly a month of inactivity, making the timing especially suspicious. While the unlock aligns with the exchange’s Chapter 11 creditor reimbursement plan, market watchers worry that the influx of SOL into circulation could trigger fresh price drops.
FTX currently holds an estimated $650 million in crypto assets, including Solana, Ethereum, and TRON. If a large portion of these assets are offloaded by creditors once repayments begin, it could exert major downward pressure on an already shaky market.
Traders on High Alert
The crypto community is keeping a close eye on Solana, which has already seen increased volatility following the news. Many creditors are expected to liquidate their tokens as soon as they receive them, seeking to recover value lost in the FTX collapse. This looming sell-off could add fuel to a broader crypto downturn, especially with Ethereum and Solana already under pressure due to FTX’s $800 million repayment plan.
What’s Next for FTX and Its Founder?
FTX’s repayment strategy will be carried out through BitGo and Kraken, offering both fiat and crypto payout options. However, questions remain about how the market will absorb such a large release of digital assets.
Meanwhile, former FTX CEO Sam Bankman-Fried is now serving his 25-year sentence in Victorville Medium II, a federal prison in California. Dubbed “Victimville,” the facility has a reputation for housing violent offenders — a far cry from the life the crypto mogul once led.
As the May 30 repayment date nears, all eyes will remain fixed on how these massive crypto unlocks unfold — and whether the market can handle the pressure.
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