A platform dedicated to tracking Solana’s key on-chain metrics says hundreds of millions of dollars worth of SOL are now in the hands of Alameda Research liquidators.
Solana Compass reveals that Sam Bankman-Fried’s bankrupt trading firm Alameda Research previously controlled 48,636,772 SOL tokens worth over $643 million at time of writing.
With Solana down nearly 95% from its all-time high of $259, Solana Compass quickly addressed rumblings that the massive SOL trove could be a source of tremendous selling pressure.
According to the platform, the SOL stash is now subject to chapter 11 bankruptcy, and it will likely stay frozen until the liquidation process is complete.
Explains Solana Compass,
“Alameda no longer holds the SOL, the liquidators do. The SOL on the chart is locked and cannot be sold, often for many years. Regardless, Chapter 11 means nothing can be sold until bankcruptcy completes, could take 10+ years.”
The on-chain analytics platform also clarifies that the SOL tokens in question are in locked stake, which means none of them can be sold in the open market as the coins are currently not in circulation.
According to Solana Compass, Alameda Research was previously the largest holder of SOL locked in a staked account. The on-chain intelligence platform shows that the entire SOL stash will likely be unlocked in the first half of 2025.
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Source: https://dailyhodl.com/2022/11/28/over-643000000-in-solana-sol-now-controlled-by-liquidators-as-part-of-alameda-research-bankrutpcy-process-on-chain-data/