破產加密交易所FTX脫落並分發186,000 SOL令牌

在適合其每月資產清算模式的轉變中，破產的加密交易所FTX及其姊妹貿易公司Alameda Research再次開始大規模轉移Solana（SOL）（SOL）

In a development that aligns with the bankrupt crypto exchange FTX and its sister trading company Alameda Research’s monthly asset liquidation pattern, they have once again begun a large-scale transfer of Solana (SOL) from their staking reserves.

在與破產的加密交易所FTX及其姊妹貿易公司Alameda Research的每月資產清算模式相吻合的開發中，他們再次從儲藏儲備中開始大規模轉移Solana（Sol）。

About six hours ago, they unstaked and spread across 22 separate addresses 186,000 SOL tokens valued at about $21.56 million. This follows a long-established pattern of on-the-10th-of-the-month moves that increasingly look like a systematic, strategic unwind of SOL holdings.

大約六個小時前，它們未固定並散佈在22個單獨的地址，價值約2156萬美元。這遵循了十分季節的悠久模式，看起來越來越像系統的，戰略性的溶液持有量。

FTX/Alameda 每月十来号的固定 SOL 转出时间：6 小时前将从质押中赎回的 18.6 万枚 $SOL ( $2156 万) 分发转移给 22 个地址。根据此前记录，多数收到 SOL 的地址后续会 SOL 转进 Coinbase 或 Binance。

FTX/Alameda 每月十來號的固定SOL 轉出時間：6 小時前將從質押中贖回的18.6 萬枚$SOL ( $2156 萬) 分發轉移給22 個地址。根據此前記錄，多數收到SOL 的地址後續會SOL 轉進Coinbase 或Binance。

FTX/Alameda 质押地址从 2023 年 11 月以来，已经通过上面这种方式累计赎回并转出了 803.1 万枚… https://t.co/GT7Oot1k1Ppic.twitter.com/bUo49WvAmP

FTX/Alameda 質押地址從2023 年11 月以來，已經通過上面這種方式累計贖回並轉出了803.1 萬枚… https://t.co/GT7Oot1k1Ppic.twitter.com/bUo49WvAmP

— 余烬 (@EmberCN) April 11, 2025

— 餘燼(@EmberCN) April 11, 2025

Many see the unstaking and redistribution as preparation for a liquidation of assets. This view is supported by the historical record of past transactions, which shows a clear trend: when FTX and Alameda send Solana to other addresses, those addresses almost always send the Solana on to centralized exchanges such as Coinbase and Binance. Market analysts watch these movements closely, and for good reason. They happen to precede some of the biggest sell-offs in Solana that we have seen all year.

許多人認為不存儲和重新分配是準備資產清算的準備。過去的交易的歷史記錄支持了這種觀點，這表明了一個明顯的趨勢：當FTX和Alameda將Solana發送到其他地址時，這些地址幾乎總是將Solana發送到集中的交易所，例如Coinbase和Binance。市場分析師密切關注這些運動，這是有充分理由的。它們恰好是我們一年四季見到的Solana中一些最大的拋售。

A Billion-Dollar Exit Strategy

十億美元退出策略

Starting in November 2023, the estate of FTX/Alameda has executed transfers with notable consistency. In total, they have unstaked and staked back to the system 8.031 million SOL tokens. At current valuations, that represents about $1.03 billion. The transfers into the centralized exchanges have occurred at an average price of $128.30 per SOL token. With the price of SOL ranging from about $108 to $148 during the various phases of this market, these transfers do not seem to correlate with some kind of artificial price movement. They simply appear to be regular transfers.

從2023年11月開始，FTX/Alameda的遺產以顯著的一致性執行了轉讓。總的來說，他們將其固定並固定回系統803100萬個SOL令牌。目前的估值約為10.3億美元。轉移到集中式交易所的平均價格為每個SOL令牌$ 128.30。在這個市場的各個階段，SOL的價格從108美元到148美元不等，這些轉移似乎與某種人工價格變動無關。它們似乎只是常規轉移。

Despite being intended to maximize recovery amounts for creditors, the series of large-scale redemptions from the FTX estate have vexed SOL holders and traders. It’s definitely not a good look when you’re trying to maintain the price of an asset. Each time creditors cash out, they do so with substantial amounts of SOL. Pressing the sell button on FTX’s preferred asset is the very definition of a red flag. These funds are supposed to go to judges, attorneys, and creditors, not to FTX execs and SOL ding-a-lings. I mean really: Who in their right mind would work this hard for the creditors if they weren’t already cruising for a big payoff?!

儘管打算最大限度地提高債權人的恢復金額，但FTX遺產的一系列大規模贖回還是有些煩惱的溶膠持有人和交易者。當您試圖維持資產價格時，這絕對不是一個好外觀。每次債權人兌現時，他們都會以大量的溶膠質量進行。在FTX首選資產上按銷售按鈕是危險信號的定義。這些資金應該用於法官，律師和債權人，而不是FTX高管和Sol Ding-a-lings。我的意思是真的：如果債權人還沒有為巨大的回報，他們的正確腦海中誰會為債權人努力嗎？

As it stands, FTX/Alameda controls a considerable amount of staked SOL, which amounts to 5.359 million tokens. That is worth about a half a billion dollars. And, if you can believe it, this is a picture of what we have left. Meaning, if I were FTX, I would be doing what you see in the picture above.

就目前而言，FTX/Alameda控制著大量的固定液，相當於535.9萬個令牌。這價值約五十億美元。而且，如果您可以相信，這就是我們剩下的圖片。意思是，如果我是ftx，我將在上面的圖片中做您看到的事情。

In other words, don’t expect this part of the Recovery Plan to be completed anytime soon. Expect the going-concern nature of FTX to be factored into the picture of what comes next.

換句話說，不要指望恢復計劃的這一部分很快就會完成。期望FTX的出現性質會納入接下來發生的事情的情況下。

The digital assets held by FTX have been steadily liquidated since the exchange’s spectacular collapse in November 2022. Billions in frozen user funds were tied up across trading accounts at the time. Founder Sam Bankman-Fried’s financial mismanagement and the global fallout from it have been the main story of the last eight months. While the court cases move forward, though, the estate of the exchange has been granted permission to sell off digital assets to pay back creditors. And if I’m doing the fractions correctly, the SOL represents one of the largest individual holdings in FTX’s pre-bankruptcy portfolio.

自2022年11月交易所崩潰以來，FTX持有的數字資產已穩步清算。當時的交易帳戶中，數十億美元的冷凍用戶資金被捆綁在一起。創始人山姆·班克曼（Sam Bankman）的金融管理不善及其全球影響是過去八個月的主要故事。但是，儘管法院案件向前邁進，但交易所的財產已獲得許可，以出售數字資產以償還債權人。而且，如果我正確地進行分數，則SOL代表了FTX前破產前組合中最大的個人持有量之一。

Implications for the Solana Ecosystem

對Solana生態系統的影響

These SOL liquidations occurring en masse and in a steady flow have complicated matters for the overall Solana ecosystem. Although, in other respects, things seem to be on an upward trajectory for Solana—network expansion, developer involvement, and observable on-chain activity move in the right direction—the unfailing flow of unstaked SOL into exchanges means Solana’s native asset is still working its way back from the low it hit as part of the fallout from its unfortunate close association with FTX.

這些溶膠清算發生在穩定的流動中，對於整體溶劑生態系統來說是複雜的事情。儘管在其他方面，事物似乎正處於Solana的向上軌跡 - 網絡擴展，開發人員的參與以及可觀察到的鏈上活動朝著正確的方向移動 - 未固定的SOL進入交換的持續不斷的流動意味著Solana的本地資產仍在與Ftx的不幸關閉關聯的一部分中恢復過來。

FTX’s implosion caused a significant blow to Solana’s reputation. Sam Bankman

FTX的內爆對Solana的聲譽造成了重大打擊。山姆·班克曼（Sam Bankman）