The FTX estate has finally offloaded the last of its highly discounted SOL (SOL) tokens to Pantera Capital and Figure Markets in the now-defunct exchange’s bid to make creditors and former clients whole.
FTX sold the SOL 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 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.”
Kavuri went on to explain that the digital assets belonged to creditors and clients of the former platform and lambasted 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.
Related: Investigation finds FTX bankruptcy lawyer didn’t conspire with exchange
The FTX creditor’s statements echo similar sentiments from those injured in the FTX collapse, who have long been critical of Sullivan & Cromwell’s role in the bankruptcy proceedings.
These criticisms were relayed to the court, which eventually ordered an independent investigation into Sullivan & Cromwell that ultimately found them innocent of any collusion with FTX.
SOL’s price dropped 4% following the announcement of the bankruptcy auctions, but the alternative layer-1 network continues to exhibit strong price performance.
The altcoin is currently enjoying a steady uptrend that began in November 2023, reaching a high of $210.