A wallet labeled FTX Cold Storage 2 has failed to unstake 1.6 million Solana (SOL) tokens worth $58.76 million, according to blockchain data. The funds remain locked in the staking account, adding to the chaos caused by FTX’s collapse.
An attempted unstaking of 1.6 million Solana (SOL) tokens worth $58.76 million from a wallet linked to the insolvent crypto exchange FTX has failed, according to data tracked by Nansen and shared by journalist Colin Wu.
The funds remain stuck in the staking account, adding to the chaos caused by FTX’s collapse.
Staking is a process that allows token holders to lock up their tokens to help secure a proof-of-stake blockchain in return for earning rewards. Unstaking is the opposite process, where token holders redeem their staked tokens so they can be transferred or sold.
What happened to the FTX-linked wallet?
On October 30th, blockchain analytics platform Nansen tagged an on-chain transaction attempting to unstake the SOL from a wallet labeled FTX Cold Storage 2.
However, the funds remain locked in the staking account post-attempt.
The FTX Cold Storage 2 address also contains over $100 million in additional crypto assets yet to be moved, including 1,033 WBTC, 364,859 JSOL, and nearly 4 million USDT.
It is unclear who attempted the transaction or if the assets can be recovered. The failed unstaking maneuver comes as FTX navigates bankruptcy and scrambles to account for various scattered corporate assets after its collapse.
The insolvent exchange owes billions to creditors.
What does this mean for Solana and FTX?
The sight of $58 million in stranded SOL provides another example of the chaos still unfolding from FTX’s catastrophic failure.
With the exchange’s financial wreckage stretching across multiple blockchains and wallets, more anomalies around its digital asset treasury may emerge.
The news comes at a time when SOL has put on a decent show. Solana is up by 4.3% in the last 24 hours, 15.1% in the last week, and 56.9% in the last 30 days, according to CoinGecko data.
Solana is one of the fastest-growing blockchains in the crypto space, boasting thousands of projects in DeFi, NFTs, and games. Solana’s ecosystem has attracted well-known institutions, developers, and crypto thought leaders as investors.
