FTX estate offloads the last of its highly discounted Solana tokens
FTX sold the Solana tokens, valued at $2.6 billion, for $102 per token—a steal when compared to SOL’s current market price of $168
The FTX estate has finally offloaded the last of its highly discounted Solana tokens to Pantera Capital and Figure Markets in the now-defunct exchange’s bid to make creditors and former clients whole.
FTX sold the Solana 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 tokens 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.”
