Alameda Research, the now-collapsed trading firm connected to the FTX bankruptcy, has unstaked over 197,000 Solana, valued at $17 million. These funds have been transferred to its bankruptcy account.
This action is a component of the ongoing monthly distributions to creditors who are still awaiting repayment from one of cryptocurrency's most significant insolvencies.
Previously, Alameda held approximately 5 million SOL, worth over $750 million, much of which was staked. Following the recent unstaking, the entity retains 3.5 million SOL, currently valued at $326 million across its accounts.
Alameda Research functioned as the trading arm closely affiliated with FTX, the exchange founded by Sam Bankman-Fried that collapsed in November 2022. Its failure resulted in widespread losses throughout the crypto industry, leaving creditors with billions in claims. Bankruptcy proceedings are focused on recovering and distributing remaining assets.
Solana holdings constitute a substantial part of the estate’s recoverable value. The SOL token has seen a significant recovery, trading around $87 at press time, despite being down approximately 70% from its all-time high.