FTX wallets unstake $160m in SOL, prompting price drop
Analysts at Lookonchain say a total sum of $160 million worth of SOL has been unstaked by FTX wallets recently. Digital wallets tied to the defunct crypto exchange FTX have unstaked 3.9 million Solana (SOL), worth around $160 million. It transferred millions of dollars worth of SOL to centralized exchanges. FTX unstaked 3.96M $SOL($160M) 2 days ago and transferred 750K $SOL($30M) to #Binance and #Kraken 4 hours ago.https://t.co/A4CyCXgVzShttps://t.co/92ItXxxoB4 pic.twitter.com/4gxmwxzdIL — Lookonchain (@lookonchain) November 6, 2023 According to data from Lookonchain, FTX-linked wallets moved $30 million in SOL tokens to Binance and Kraken. After the news broke, SOL price plunged by 3% down to $40.4, according to CoinGecko. Although it remains unclear who might be behind these transactions, reports indicate that Mike Novogratz’s investment firm Galaxy Digital might be related, given that it was appointed as a supervisor for liquidation of FTX’s assets. Crypt...