FTX-Related Solana Address Unstakes $90,000,000 Worth of SOL As Ethereum Rival’s Rally Stalls: Lookonchain

A Solana address potentially related to the now-defunct crypto exchange FTX has unstaked $90 million worth of SOL, according to on-chain data.

First spotted by Lookonchain, an address beginning with “4Axqyo” unstaked 1.5 million SOL and transferred it to another address.

According to FTX, the address that received the coins then sent nearly a quarter billion dollars worth of SOL to crypto exchange Coinbase.

“FTX-related address ‘4Axqyo…HswTAh’ unstaked 1.5M SOL ($90 million) 2 hours ago and transferred it to ‘3vxheE…5mgkom.’

And we noticed that “3vxheE…5mgkom” deposited 4.13M SOL ($248.67 million) to Coinbase 11 hours ago.”

The firm says that the ‘3vxheE’ is likely an internal address for Coinbase that the exchange uses for handling deposits before distributing coins to storage.

The estate of FTX is currently in the process of selling off what’s left of its assets to partially compensate its debtors.

Last week, a court in Delaware granted a motion filed earlier this month that would allow the debtors of FTX and its affiliates to start selling $744 million worth of trust assets associated with crypto asset management firms Grayscale and Bitwise.

According to previous reports, the trust assets set to be sold include five different Grayscale Trusts valued at $691 million as well as holdings of a Bitwise-managed trust valued at $53 million.

At time of writing, SOL is trading for $61.19, up over 512% on the year.

Generated Image: Midjourney