FTX and Alameda Research Liquidate $10 Million Worth of Solana (SOL) Tokens to Pay Back Creditors

On Wednesday, a wallet address linked to FTX crypto exchange transferred $10 million worth of Solana (SOL) tokens as part of a plan to liquidate crypto assets to pay back creditors. FTX and Alameda Research received a court order in September to liquidate $3.4 billion worth of crypto assets, and have been gradually selling them to prevent significant impact on prices. FTX has dumped some of its SOL holdings to Binance, as the price of Solana rallied 70% in October, allowing for more liquidation. Despite recent deposits to various exchanges, FTX and Alameda still hold $736 million worth of EVM assets. The price of SOL has dipped over the past 24 hours, with analysts predicting a step back in search of fresh liquidity ahead of another breakout.