FTX estate offloads the last of its highly discounted Solana tokens
The FTX estate has finally offloaded the last of its highly discounted SOL (SOL) tokens to Pantera Capital and Figure Markets in the now-defunct exchange’s bid to make creditors and former clients whole.
FTX sold the SOL tokens, valued at $2.6 billion, for $102 per token — a steal when compared to SOL’s current market price of $168.
Figure Markets acquired 800,000 SOL through the auction, with Pantera Capital acquiring the rest of the lot sold by the bankrupt exchange.
A four-year vesting schedule for the tokens and coins will be implemented as part of FTX’s agreement with purchasers of the discounted assets.
Despite the FTX bankruptcy estate’s recovery of $7.3 billion in assets, not everyone was convinced by the estate’s recovery efforts.
Sunil Kavuri, a creditor spearheading the FTX creditor community, took issue with the bankruptcy estate’s selling of assets at deeply discounted prices. Kavuri stated:
“Sullivan & Cromwell has trampled over our property rights. They have liquidated billions of dollars of crypto assets. There’s a token S&C sold at 11 cents; it’s now trading at two dollars. FTX had $10 billion in Solana tokens — they sold it at 70% discount.”
Kavuri went on to explain that the digital assets belonged to creditors and clients of the former platform and lambasted FTX’s bankruptcy lawyers, Sullivan & Cromwell, for selling them at a deep discount, arguing that they simply should have been returned to the injured parties.
Related: Investigation finds FTX bankruptcy lawyer didn’t conspire with exchange
The FTX creditor’s statements echo similar sentiments from those injured in the FTX collapse, who have long been critical of Sullivan & Cromwell’s role in the bankruptcy proceedings.
These criticisms were relayed to the court, which eventually ordered an independent investigation into Sullivan & Cromwell that ultimately found them innocent of any collusion with FTX.
SOL’s price dropped 4% following the announcement of the bankruptcy auctions, but the alternative layer-1 network continues to exhibit strong price performance.
The altcoin is currently enjoying a steady uptrend that began in November 2023, reaching a high of $210.
