FTX, a bankrupt crypto exchange, recently concluded the sale of $2.6 billion worth of discounted Solana tokens. Figure Markets and Pantera Capital were among the buyers who participated in the auctions, acquiring final troves of SOL tokens from FTX after weeks of bidding. Figure reportedly purchased a bundle of 800,000 coins for around $80 million, at a rate of $102 per token, which was significantly lower than Solana’s current market price of $166.
Pantera Capital, a major venture capital fund, also took part in the auction, although the exact amount paid by them has not been disclosed. Pantera was previously interested in raising $250 million from investors to acquire Solana tokens from FTX. Despite the controversy surrounding the sale of these tokens, Pantera successfully secured a batch of discounted Solana tokens as a winning bidder.
Aside from Pantera Capital, other prominent crypto firms like Neptune Digital Assets Corp and Galaxy Trading have shown interest in acquiring portions of the Solana tokens being sold off directly by FTX since the start of the bankruptcy proceedings. These direct sales were initiated by FTX as a means to liquidate its holdings of the SOL token, following the collapse of the crypto firm.
The sale of Solana tokens by FTX has sparked controversy within the crypto community, especially among those who lost their life savings in the collapse of the exchange. Some victims have estimated that the assets they entrusted to FTX could have grown to at least $4 million, had they not been locked up in bankruptcy. FTX has stated that it intends to repay creditors in full, along with interest, but in US dollars based on the accounts’ value at the time of the exchange’s collapse in November 2022.
Unfortunately, creditors will not receive their crypto assets back, despite the significant appreciation in the value of cryptocurrencies like Bitcoin since the collapse of FTX. Bitcoin’s price has quadrupled since November 2022, meaning that creditors have missed out on potential gains from the largest crypto bull run since the pandemic.
Overall, the sale of discounted Solana tokens by FTX has raised questions about the handling of assets in bankruptcy proceedings and the implications for investors and creditors. The involvement of major players like Pantera Capital and the interest from other crypto firms only add to the complexity of the situation. As the crypto market continues to evolve, it is essential for regulatory bodies and investors to closely monitor such transactions to ensure transparency and fairness for all parties involved.
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