Crypto Mania

$58 Million in SOL Stuck after Attempted Unstaking from FTX Wallet

An attempted unstaking of 1.6 million Solana (SOL) worth $58.76 million from an FTX-linked wallet has failed, according to data tracked by Nansen and shared by journalist Colin Wu.

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 stuck 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.

Failed Solana unstaking comes amidst FTX bankruptcy proceedings

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.

Staking locks up tokens to help validate proof-of-stake blockchains, in return rewarding stakers with a yield on their holdings. Unstaking refers to redeeming staked tokens so they can be transferred or sold.

But the normal unstaking process appears to have malfunctioned here for the SOL tied to FTX, trapping the funds in the wallet. It’s unclear who attempted the transaction or if the assets can be recovered.

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 24 hours, and 56.9% in the last 30 days, according to CoinGecko data.

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