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The post <a href="https://coinpedia.org/news/massive-liquidation-ftx-unloads-1-9-billion-solana-tokens-what-next-for-sol-price/">Massive Liquidation: FTX Unloads $1.9 Billion Solana Tokens, What Next For SOL Price</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
According to the Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-05/ftx-s-solana-sale-galaxy-pantera-buy-tokens-at-64-sol">report</a>, the recent massive liquidation of <a href="https://markets.coinpedia.org/solana/">Solana</a> by the FTX estate has turned the crypto market upside down. FTX, the bankrupt exchange, unloaded over half of its SOL tokens at a 63% discount from current market prices, resulting in nearly $2 billion for FTX creditors.&nbsp; 
<h2 class="wp-block-heading" id="h-ftx-s-1-9b-sol-sale-sparks-creditor-outrage">FTX’s $1.9B SOL Sale Sparks Creditor Outrage</h2> 
Galaxy Trading, Pantera Capital, and Neptune Digital Assets acquired the majority of FTX’s stake in SOL, indicating strong interest from asset managers and venture capitalists. Galaxy Trading raised $620M for SOL tokens from FTX. Pantera Capital raised $250M. Neptune Digital Assets bought 26,964 SOL tokens at $64 each. 
FTX’s sale of between 25 million and 30 million locked-up SOL coins at $64 per token has raised concerns among creditors, especially considering SOL’s current trading price of $176. Critics have accused FTX’s liquidators of violating creditors’ property rights, particularly regarding the significant discounts at which the assets were sold.&nbsp; 
Since FTX sold a large portion of its SOL tokens for $1.9 billion, but they’ll be locked for four years. The company claims this move is to repay creditors, but it’s received negative feedback from those affected by the exchange’s collapse. Sunil Kavuri, a victim of the collapse, criticized the sale, stating it “destroyed billions of value for FTX creditors.” 
Also Read : <a href="https://coinpedia.org/news/massive-liquidation-ftx-unloads-1-9-billion-solana-tokens-what-next-for-sol-price/">Massive Liquidation: FTX Unloads $1.9 Billion Solana Tokens, What Next For SOL Price</a> 
<h2 class="wp-block-heading" id="h-crypto-transfers-from-ftx-and-alameda-to-exchanges">Crypto Transfers from FTX and Alameda to Exchanges</h2> 
Recent on-chain data reveals significant cryptocurrency transfers from addresses associated with FTX and Alameda to centralized exchanges, totaling approximately $15 million. These transactions include notable transfers such as 1,000 ETH to <a href="https://coinpedia.org/exchange/about-coinbase-exchange/">Coinbase</a>, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coin (WBNB) to <a href="https://coinpedia.org/exchange/binance-review/">Binance</a>.&nbsp; 
During the same period, addresses linked to the failed exchange moved around $105.9 million worth of 19 different altcoins to intermediary wallets, followed by approximately $16 million in 13 different assets deposited to centralized exchanges. The dominant transactions involved GateChain’s 3.17 million GT tokens, valued at about $31.3 million, alongside significant transfers of LEO and VIC tokens, among others. 
Furthermore, the former CEO of FTX, <a href="https://coinpedia.org/news/the-final-chapter-of-ftx-saga-sam-bankman-fried-sentenced-to-25-years/">Sam Bankman-Fried</a>, was recently sentenced to 25 years in prison on fraud charges related to the exchange’s collapse in November 2022. Creditors have filed a class action against Sullivan and Cromwell, alleging their involvement in the fraud before representing FTX during bankruptcy proceedings.&nbsp;

Massive Liquidation: FTX Unloads $1.9 Billion Solana Tokens, What Next For SOL Price

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