Over $643,000,000 in SOL now controlled by liquidators due to Alameda research bankruptcy

• Solana Compass stated that liquidators have taken over a large amount of SOL from Alameda Research.
• Alameda Research controls only 9 percent of the total supply of SOL tokens and none of these tokens are circulating.

According to Solana Compass, Alameda Research liquidators are in control of hundreds of millions of dollars worth of SOL. The platform uses on-chain metrics to track the trading activities of SOL. The Solana tracking platform revealed that Alameda Research previously controlled 48,636,772 SOL tokens. The controlled tokens are currently worth over $643,000,000.

According to an on-chain metric analytic platform called Solana Compass, Alameda Research liquidators control millions of dollars worth of SOL. Before these liquidators took over, Alameda Research controlled 48,636,772 SOL tokens which are currently worth over $643,000,000.

The recent market condition has plummeted the price of SOL by 95% from its all-time high of $259. Meanwhile, speculations from members of the Twitter community are that Alameda Research controls 13 percent of the total Solana supply. Solana Compass has countered the notion that a large amount of SOL held by Alameda could give rise to massive selling pressure. Solana Compass disclosed that the locked token is subject to chapter 11 bankruptcy and might not be unlocked until the liquidation process is complete.

The tracking company debunked the percentage-controlled Alameda by throwing more light on the current situation. Solana Compass stated on its official Twitter handle:

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 bankruptcy completes, could take 10+ years.

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Another Twitter user explained that: 

Liquidators are obligated to seek the best price for the liquidated assets, which typically happens via OTC sales. This 9% supply will be scooped up by other investors, not dumped into order books.

Solana Tokens owned by Alameda Research

To further lessen the market chaos that resulted from the misinformation, Solana Compass has clarified that the Solana token held by Alameda is locked. This implies that none of the staked tokens can be sold on the open market because it is not in circulation. The company said that the current percentage of circulating SOL in the stashed token is 0 percent. Alameda locked Solana token is only 9 percent of the total supply of SOL rather than the alleged 13 percent. Furthermore, a legal document indicates the token might not be circulated after the unlock. 

The locked account holds 4,508,491.95 SOL which would be unlocked on Mar 1, 2025, at 00:00:00. The on-chain analytic platform stated that Alameda Research was previously the largest holder of the SOL locked account before the FTX’s crisis. Since Binance openly declared to sell FTX’s native token, the two SBF firms have been wallowing in debts. Several companies and stakeholders have been severely affected by the collapse of FTX, one of the world’s top cryptocurrency exchange platforms.