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FTX Wallets Unstake Massive Amount of SOL

FTX Wallets Unstake Massive Amount of SOL

  1. FTX wallets have unstaked 3.9 million SOL, causing a 3% price drop.
  2. A total of $30 million worth of SOL was transferred to Binance and Kraken.
  3. The movements come after FTX founder Sam Bankman-Fried’s conviction.

Analysts at Lookonchain recently revealed that wallets associated with the struggling cryptocurrency exchange FTX have unstaked a total of $160 million worth of SOL, the cryptocurrency of the Solana blockchain.

Solana Price Drop After Transactions

Following these movements, the price of SOL experienced a slight 3% drop, falling to $40.3. The identity of the actors behind these transactions remains unknown, but speculations suggest a possible connection with Mike Novogratz’s investment firm Galaxy Digital.

These activities come in a broader context, where wallets associated with FTX had already sold significant assets a few days prior. Meanwhile, Sam Bankman-Fried, the founder of FTX, has been convicted on all charges related to the collapse of the cryptocurrency exchange in November 2022, with a sentence scheduled for March 28, 2024.

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