Solana

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The FTX estate has finally offloaded the last of its highly discounted SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) tokens to Pantera Capital and Figure Markets in the now-defunct exchange’s bid to make creditors and former clients whole.
<a href="https://cointelegraph.com/news/ftx-estate-unload-locked-solana-balance-discount">FTX sold</a> 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:
<blockquote>
 “Sullivan &amp; Cromwell has trampled over our property rights. They have liquidated billions of dollars of crypto assets. There’s a token S&amp;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.”
</blockquote>
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 &amp; Cromwell, for selling them at a deep discount, arguing that they simply should have been returned to the injured parties.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/a20ec8d6-9e3c-43fe-848a-7e15af9ec88e.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/sunil_trades/status/1793301307446411683" target="_blank" rel="noopener nofollow">Sunil Kavuri</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/investigation-ftx-bankruptcy-lawyer-didnt-conspire-ftx">Investigation finds FTX bankruptcy lawyer didn’t conspire with exchange</a>
The FTX creditor’s statements echo similar sentiments from those injured in the FTX collapse, who have long been critical of Sullivan &amp; Cromwell’s role in the bankruptcy proceedings.
These criticisms were relayed to the court, which eventually ordered an independent investigation into Sullivan &amp; Cromwell that ultimately <a href="https://cointelegraph.com/news/investigation-ftx-bankruptcy-lawyer-didnt-conspire-ftx">found them innocent</a> 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.

FTX estate offloads the last of its highly discounted Solana tokens

Cointelegraph

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