FTX and its affiliated trading firm Alameda Research have reportedly staked approximately $125 million in cryptocurrencies during bankruptcy proceedings, drawing creditor scrutiny over repayment transparency and liquidity impact. The assets include $80 million in Ethereum (ETH) and $45 million in Solana (SOL).
Creditors express alarm over the staking process locking substantial assets, potentially delaying repayments due to diminished immediate liquidity when funds remain inaccessible. The move follows FTX’s previous liquidation of over $31 million in SOL and recent token unlocks totaling $40 million, which triggered market fluctuations despite absorption into markets.
While staking generates passive income that could theoretically augment creditor repayment pools, stakeholders cite transparency concerns regarding fund management within bankruptcy constraints. FTX has distributed $6.2 billion to creditors to date, with projected total repayments reaching $16.5 billion, amplifying pressure to maintain accessible capital.
Market analysts note Solana token unlocks have historically impacted asset prices, compounding creditor apprehensions about timing and execution of repayment plans.