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Alameda Research, the defunct crypto trading firm, has unstaked a significant amount of Solana (SOL) tokens, valued at approximately $35.52 million. This move, involving 190,821 SOL tokens initially staked in late 2020, has ignited speculation within the cryptocurrency community regarding the distribution of these assets as part of FTX's ongoing bankruptcy proceedings.
Key Takeaways
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Alameda Research unstaked $35.52 million worth of Solana (SOL).
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The unstaked tokens represent 190,821 SOL, initially staked in late 2020 when their value was around $351,960, marking a nearly 100x increase.
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This action is linked to FTX's bankruptcy estate, aiming to liquidate assets for creditor repayment.
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The destination of the funds is expected to be either secure custody with BitGo or direct distribution to FTX creditors.
Significant Unstaking Event Sparks Speculation
In a notable development for the Solana ecosystem and the broader crypto market, a wallet address associated with Alameda Research and FTX has unstaked a substantial quantity of SOL tokens. The unstaking of $35.52 million in SOL has drawn considerable attention, particularly given the significant appreciation of these assets since they were first staked in late 2020. At that time, the tokens were valued at approximately $351,960, indicating a nearly 100-fold increase in value over less than five years.
FTX Bankruptcy Proceedings and Asset Distribution
The unstaking is a direct consequence of FTX's ongoing bankruptcy proceedings. The estate is actively working to manage and liquidate its digital assets to fulfill its obligations to creditors who suffered losses following the exchange's collapse. The released SOL tokens are anticipated to be either transferred to BitGo Custody for safekeeping or directly allocated to FTX creditors as part of the repayment plan.
Market Reaction and Future Implications
While the $35.52 million represents a considerable sum, the Solana market has demonstrated an ability to absorb such movements due to its typical daily trading volume. However, the frequency and timing of these unstaking events are crucial factors that could potentially introduce temporary selling pressure on SOL's price. For FTX creditors, this development is viewed positively, as it liquidates assets, moving them closer to receiving their due repayments and underscoring the estate's commitment to recovery efforts.
Recent On-Chain Activity
This unstaking follows a series of large blockchain movements by wallets linked to FTX and Alameda Research. Earlier in August 2025, approximately $125 million worth of Ethereum (ETH) and SOL was staked from these wallets. Specifically, FTX staked around $45 million in SOL, while Alameda sent approximately $80 million in ETH to a staking service. These transactions highlight the active management of assets within the FTX bankruptcy estate.
Background of the FTX-Alameda Scandal
The legal troubles for FTX and Alameda Research began in November 2022, when it was revealed that customer assets were being used for high-risk trading without authorization. Alameda, founded by Sam Bankman-Fried, was deeply intertwined with these operations. The ensuing scandal led to bankruptcy filings and a criminal trial, resulting in Bankman-Fried's conviction and sentencing. FTX's current management has been diligently working to return funds to creditors, with billions already disbursed and further repayments scheduled.
Sources
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Alameda Research unstakes $35M of SOL, up 100x since 2020, raising speculation on its distribution., AInvest.
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Alameda Research Unstakes $35M in Solana Token, The Crypto Times.
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