SOL surges over five times after FTX's bankruptcy, leaving creditors with an additional $3 billion?

Not only has SOL surged, but the FTX team also holds a significant amount of Solana-related cryptocurrencies, including Raydium (RAY), which has also experienced a 51% increase in the past 24 hours, bringing renewed hope to FTX. SOL is approaching $100, surpassing BNB! Arthur Hayes reverses support: Dreamt that he had to sell SOL and remain loyal to ETH.

SOL Surges Over Five Times, Creditors Gain an Extra $3 Billion?

SOL has surged nearly 19% in the past 24 hours, with its market value surpassing BNB. The bankruptcy liquidation team from FTX and Alameda remains one of the largest holders.

According to Spot On Chain, the FTX restructuring team has transferred 2 million SOL tokens, worth approximately $192 million, to exchanges between October 24 and December 14 this year.

More importantly, looking at the situation in 2025, after FTX's bankruptcy, SOL has already risen by 550% from $17.66 to $98 on November 11, 2022. This means the restructuring team is expected to gain over $3 billion in cash during the liquidation process.

Spot On Chain points out that the restructuring team currently holds 40.5 million SOL tokens, worth approximately $3.99 billion, waiting for monthly linear unlocks and liquidation.

🔥🔥 $SOL is up ~17% in 24 hours and flips $BNB in market cap, but FTX & Alameda is still a major holder.

Key on-chain stats 👇

– They allegedly transferred 13.22M $SOL ($666M) to exchanges between Oct 24 to Dec 14, 2023.

– They may currently have 2M $SOL ($192M) available to… pic.twitter.com/2Hckt2A5uo

— Spot On Chain (@spotonchain) December 22, 2023

FTX Credit Prices Soar

Previously reported data from Cherokee Acquisition showed that FTX credit market prices have risen from $0.50 to $0.53 per dollar at the end of October to the current range of $0.57 to $0.73 per dollar.

The increase in credit prices seems to be related to the latest update from the FTX bankruptcy team on October 16, which stated that if the revised plan is approved, customers of FTX.com and FTX US will collectively receive "over 90% of the globally distributable value."

Not only has SOL surged, but the restructuring team also holds a significant amount of Solana-related tokens, including Raydium RAY, which has also risen by 51% in the past 24 hours, giving hope to FTX's affected users.

FTX credit prices soar to $0.73, SOL surpasses XRP to become the fifth largest token by market value