What’s Behind FTX’s $2.66M SOL Transfer to Binance? Creditors Await Answers

An FTX liquidator wallet sent nearly 11.4K SOL tokens, worth $2.66 million, to Binance. Blockchain security firm PeckShield highlighted the transfer, which is part of FTX’s ongoing liquidation process to compensate creditors.

The FTX address has actively managed the exchange’s remaining assets. This labeled wallet activity demonstrates transparency in fund movement as the exchange works to recover assets.

PeckShield flagged the transaction, which reflects the exchange’s strategy to recover and redistribute funds after its collapse. FTX’s liquidators likely moved assets into Binance to capitalize on liquidity opportunities or prepare for asset reallocation.

Read also : FTX to Return $16 Billion to Users: Payouts to Start in March 2025

This transfer has fueled speculation on repayment strategies and raised questions about the impact on SOL and FTX creditors. The transfer is part of FTX’s ongoing liquidation proceedings, which are under intense scrutiny.

To recall, in November 2022, FTX collapsed, leaving billions in liabilities. This prompted liquidators to explore asset monetization. This latest transfer prioritizes creditor compensation.

Solana (SOL) and FTX

The blockchain community is closely monitoring such activities because liquidations of this size can affect market dynamics. SOL, the native cryptocurrency of the Solana network, has been sensitive to major transactions since FTX’s collapse, as the exchange was a major holder.

After reaching an all-time high on November 23, Solana’s price pulled back, along with the broader market. Despite this short-term correction, analysts remain hopeful about SOL’s long-term opportunity potential.

However, while the liquidator’s transfer suggests progress in resolving FTX’s financial debacle, stakeholders remain cautious about whether recovered funds will fully cover creditor claims or affect SOL’s price in the volatile crypto market.