Solana worth $455 million gets unstaked ahead of SBF trial
- Two Solana accounts have unstaked 7.5 million SOL in epoch 512.
- These tokens worth $173 million could belong to Alameda Research or the FTX estate, according to WuBlockchain.
- Solana price currently trades around $23 with a year-to-date return of 132%.
Solana (SOL) price is being observed by many investors due to Sam Bankman-Fried’s (SBF) trial. On October 5, roughly 17.6 million SOL were unstaked in epoch 512. Although these tokens are unstaked, it does not necessarily mean that they were sold.
Solana worth millions unstaked
Out of the 17.6 million SOL unstaked in epoch 512, roughly 7 million SOL belongs to the venture capital firm a16z. Additionally, two separate accounts unstaked 4.5 million and 3 million SOL.
Solana Compass
According to Chinese reporter Colin Wu’s WuBlockchain, these validators could belong to Alameda Research or the FTX estate.
In the recent Epoch 512, 19.637 million SOL were unstaked, with a net unstake of 16.516 million SOL (about $372 million). Most belonged to a16z and the previous Alameda (now or ftx estate).
— Wu Blockchain (@WuBlockchain) October 6, 2023
a16z: BZpEFk...oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL...ozXMwY unstaked 2.033…
While these unstaked tokens can be sold, it does not mean that the 17.6 million SOL will be sold on exchanges. But users on social media platform X speculate that the venture capital firm a16z could sell these tokens ahead of the SBF trial.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
