FTX Liquidator Moves $3.3M SOL To a Fresh Solana Address

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The FTX liquidator wallet address, jxCGV, has moved 25,684 SOL tokens, or $3.27M worth, to a fresh Solana address, Ge1B1. The new address subsequently staked the entire SOL balance with a Kiln-managed Solana validator with the address CF8ke.

This specific action of staking, rather than transferring to an exchange, is noteworthy. It indicates a strategy to utilize the assets, possibly to generate yield or simply secure them on-chain with a professional validator, rather than preparing for an immediate sale.

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Such asset movements are not unusual, with the liquidator address jxCGV regularly receiving and disbursing various altcoins from and to centralized exchanges, including Gate.io, Binance and Kucoin, among others. Recent altcoin moves include decentralized GPU network protocol IO.net (IO), DePIN project Helium (HNT) and Solana perpetuals DEX Drift Protocol (DRIFT). These moves are likely relating to settlement of repayments to creditors of the FTX estate, which are finally settling after the drawn out legal proceedings since November 2022 when FTX filed for Chapter 11 bankruptcy.

The diverse range of assets like IO, HNT, and DRIFT highlights the complexity of managing and liquidating the failed exchange's holdings. Each transaction is a component of the long and carefully monitored legal process to make creditors whole.

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The liquidator address still holds approximately $2M in assets, including Kamino Finance (KMNO), Honey (HONEY), Drift Protocol (DRIFT) and Jito (JTO). These remaining holdings, though smaller in value, are still a significant part of the estate's balance. They represent the final tranches of assets that must be addressed to fully conclude the bankruptcy proceedings.