Alameda Research, the bankrupt sister company of FTX, has moved substantial cryptocurrency amounts to top exchanges, Binance and Coinbase. According to blockchain analytics platform PeckShield, these transfers involve several altcoins. Notably, Alameda redeemed 177.7K SOL tokens, worth $24.11 million, indicating a potential price crash for the digital asset if sold.
The transactions highlight impending risks for the Solana market as such significant token movements can lead to market instability and devaluation.
If Alameda's actions result in a sale, the influx of SOL tokens could inundate the market, drastically affecting Solana's trading value.
