FTX ultimately sold the last of its heavily discounted SOL (SOL) tokens to Pantera Capital and Figure Markets as part of the now-defunct exchange’s attempt to restore integrity to creditors and former customers.
FTX sold SOL tokens, worth $2.6 billion, for $102 per token – a bargain compared to SOL’s current market price of $168.
Figure Markets received 800,000 soles in the auction, with Pantera Capital acquiring the remainder of the amount sold through the bankrupt exchange.
A four-year vesting schedule for tokens and coins will be implemented under the FTX agreement with buyers of the discounted assets.
Although FTX recovered $7.3 billion in assets following its bankruptcy filing, not everyone was convinced by the company’s turnaround efforts.
Sunil Kavori, the creditor who leads FTX’s creditor community, opposed the sale of bankruptcy assets at deep discounts. Kafouri said:
“Sullivan and Cromwell trampled on our property rights. They liquidated billions of dollars of crypto assets. There is an S&C token that sells for 11 cents; It is now trading at $2. FTX owned $10 billion worth of Solana tokens – and they sold them at a 70% discount.
Kafouri then explained that the digital assets belonged to the platform’s former creditors and customers and criticized 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.
about: The investigation found that FTX’s bankruptcy lawyer did not conspire with the exchange.
The statements from FTX’s creditors reflect the same sentiments of those who were affected by FTX’s collapse and who have long criticized Sullivan & Cromwell’s role in the bankruptcy proceedings.
These criticisms were taken to court, which ultimately ordered an independent investigation into the Sullivan & Cromwell affair that ultimately found them innocent of any collusion with FTX.
SOL price fell 4% after the bankruptcy auction announcement, but the alternative layer 1 network continues to show strong price performance.
The altcoin is currently experiencing a steady uptrend that began in November 2023, reaching a high of $210.
