Former FTX Account Moves $3.3M Worth of SOL Tokens in a Series of Transactions

Arkham Intelligence, a well-known blockchain analytics platform, has flagged a substantial activity from an FTX-account that has been linked to and managed by an FTX Liquidator.

Arkham Intelligence, a well-known blockchain analytics platform, has flagged substantial activity from an FTX-account that has been linked to and managed by a FTX Liquidator. This account has transferred approximately $3.3 million worth of Solana (SOL) tokens in a series of transactions on March 21, 2025.

This activity, as visible on Arkham's logs posted on X (formerly Twitter), shows the FTX Liquidator transferring 25,684 SOL tokens to an external wallet. At the time of transaction, these tokens were valued at $3.27 million.

The transactions were confirmed on the Solana blockchain at block #328232062 and took place at 14:09 UTC with a minimal fee of 0.000010044 SOL. The recipient wallet address is identified as Ge1B1f3hYQcj4w8USt6PjJa9SSJdPKAJAWEF9hTEbrTV in the transaction explorer.

This transfer is just one of many movements being tracked by Arkham Intelligence, which has been closely monitoring FTX-related accounts since the exchange filed for bankruptcy in November 2022. The Arkham dashboard provides a view of FTX's remaining assets and liquidation activities.

The holdings include various cryptocurrencies such as SOL, FTT, BTC and ETH, among others. A network visualization from Arkham shows a complex web of transactions involving multiple counterparties, including Binance and Gate.io. This image suggests that, over recent days, there have been numerous inflows and outflows involving stablecoins like USDC and other altcoins such as BNT and BCUT. These moves also suggest that active efforts are being made by the liquidators to consolidate and manage FTX's remaining assets.

One interesting thing to observe is that these transactions are not isolated events but part of a broader strategy to recover funds for creditors. The liquidators appear to be leveraging centralized exchanges like Binance for liquidity while simultaneously managing on-chain assets.

The liquidation of SOL holdings by the FTX estate can exert a downward pressure on SOL's price, particularly if large amounts are sold on the open market within a short timeframe. The market's reaction to this $3.3 million transfer, and future transfers, hinges on a few factors:

If the SOL is sold over-the-counter (OTC) to institutional investors, the impact on the open market price may be minimal. However, if the SOL is sold directly on exchanges, it could lead to increased selling pressure.

Overall market sentiment toward Solana will play a crucial role. A strong bullish trend could cushion the impact of the sale, while a bearish environment may aggravate and price declines.

Clear communication from the FTX liquidators about their plans can help the market anticipate and adjust to potential sales, reducing uncertainty and volatility.

The transfer of $3.3 million in SOL adds to the ongoing liquidation process aimed at repaying creditors affected by FTX's collapse. While these movements are routine in bankruptcy proceedings, they indicate the scale and complexity of unwinding one of the largest crypto scandals in history.

Currently, looking at the 24 hours chart of SOL token, it can be deduced that this move has affected the price of the token as at press time, the price of the SOL token stands at $126.33 with a dip of 2.7% in last 24 hours as per CoinGecko.