A Solana address potentially related to the now-defunct crypto exchange FTX has unstaked $90 million worth of SOL<\/a>, according to on-chain data.<\/p>\n First spotted by Lookonchain, an address beginning with \u201c4Axqyo\u201d unstaked 1.5 million SOL and transferred it to another address.<\/p>\n According to FTX, the address that received the coins then sent nearly a quarter billion dollars worth of SOL to crypto exchange Coinbase.<\/p>\n \u201cFTX-related address \u20184Axqyo\u2026HswTAh\u2019 unstaked 1.5M SOL ($90 million) 2 hours ago and transferred it to \u20183vxheE\u20265mgkom.\u2019<\/em><\/p>\n And we noticed that \u201c3vxheE\u20265mgkom\u201d deposited 4.13M SOL ($248.67 million) to Coinbase 11 hours ago.\u201d<\/em><\/p>\n The firm says<\/a> that the \u20183vxheE\u2019 is likely an internal address for Coinbase that the exchange uses for handling deposits before distributing coins to storage.<\/p>\n The estate of FTX is currently in the process of selling off what\u2019s left of its assets to partially compensate its debtors.<\/p>\n Last week, a court in Delaware granted<\/a> a motion filed earlier this month that would allow<\/a> the debtors of FTX and its affiliates to start selling $744 million worth of trust assets associated with crypto asset management firms Grayscale and Bitwise.<\/p>\n According to previous\u00a0reports<\/a>, the trust assets set to be sold include five different Grayscale Trusts valued at $691 million as well as holdings of a Bitwise-managed trust valued at $53 million.<\/p>\n At time of writing, SOL is trading for $61.19, up over 512% on the year.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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