FTX Estate’s Massive SOL Sell-Off Brings in Close to 2 Billion Dollars

Crypto News- FTX’s recent move to offload a significant portion of its Solana (SOL) tokens at a steep discount has sent shockwaves through the cryptocurrency community. According to a recent Bloomberg report, the estate managed to sell between 25 million and 30 million locked-up SOL tokens at $64 each, resulting in approximately $1.9 billion for FTX creditors. This represents a substantial markdown from the current market price of SOL tokens, which stands at $176.

FTX Estate’s Massive SOL Sell-Off Brings in Close to 2 Billion Dollars

The sale garnered interest from various high-profile investors, including Galaxy Trading and Pantera Capital. Galaxy Trading, a division of Galaxy Digital led by Mike Novogratz, reportedly raised around $620 million to acquire SOL tokens from the FTX estate. Meanwhile, Pantera Capital secured $250 million for the same purpose.

Critics have not been shy in voicing their disapproval of the sale, particularly given the disparity between the sale price and the current market value of SOL tokens. Former FTX CEO Sam Bankman-Fried’s recent sentencing to 25 years in prison on fraud charges has only intensified scrutiny of the exchange’s actions. Creditors, in particular, have accused the exchange’s liquidators of disregarding their rights and squandering valuable assets.

Legal Fallout and Community Vigilance: The Aftermath of FTX’s Asset Liquidation

The controversy surrounding the sale has spilled over into legal proceedings, with creditors filing a class action against Sullivan & Cromwell, alleging their involvement in the exchange’s downfall. Amidst these developments, the broader crypto community is closely monitoring the fallout from FTX’s asset liquidation and its implications for the future of cryptocurrency exchanges.