- The FTX bankruptcy estate has announced the sale of 41 million locked Solana (SOL) tokens for $7.5 billion.
The FTX bankruptcy estate has announced the sale of 41 million locked Solana (SOL) tokens for $7.5 billion. The token sales are being facilitated by Galaxy Asset Management, an affiliate of Galaxy Digital Holdings.
Interestingly, Galaxy Trading, another affiliate, is reportedly making a bid for the estate’s locked SOL holdings.
Meanwhile, Canadian crypto infrastructure firm Neptune Digital has publicly disclosed their acquisition of 26,964 SOL tokens at a price of $64 per token.
This purchase represents a significant 67% discount to the market value of SOL at the time.
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Neptune Digital plans to release 20% of these tokens in March 2025, with the remainder scheduled for gradual release until January 2028.
During former FTX CEO Sam Bankman-Fried’s sentencing hearing, one of FTX’s creditors, Sunil Kavuri, revealed that FTX had sold some of their $10 billion SOL tokens at a substantial 70% discount, as reported by InnerCityPress.
Sunil: 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
— Inner City Press (@innercitypress) March 28, 2024
Kavuri is just one of at least 50 individual FTX creditors who have expressed their dissatisfaction with the aftermath of FTX’s collapse and the bankruptcy estate’s handling of proposed repayments.
Several creditors have written to the U.S. Department of Justice (DOJ), expressing their concerns over the valuation of the tokens held by the FTX bankruptcy estate.
They argue that Sullivan and Cromwell, the estate’s counsel, should distribute the tokens at their current market value, rather than using the price they had at the time of FTX’s bankruptcy filing, as proposed in the repayment plan.
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