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FTX/Alameda Research Deposits 20,736 ETH for Staking in Ethereum's Proof of Stake

Following significant withdrawals, FTX and Alameda Research staked 20,736 ETH valued at $79 million, reinforcing their strategy amid ongoing bankruptcy proceedings.

ETH
SOL

Summary

FTX and Alameda Research staked 20,736 ETH valued at approximately $79 million, following recent withdrawals from Bybit. Previously, they unstaked over 3 million Solana tokens worth about $431 million. These actions are part of their ongoing liquidation process under court mandates, with a $1.9 billion distribution to creditors planned for September 30.

Terms & Concepts
  • Proof of Stake: A consensus mechanism that allows participants to validate transactions and create new blocks based on the number of coins they hold and are willing to 'stake' as collateral.
  • ETH: The native cryptocurrency of the Ethereum platform, used for transactions, staking, and powering decentralized applications.
  • Staking: The process of actively participating in transaction validation (similar to mining) on a Proof of Stake blockchain by holding and locking up a cryptocurrency.