FTX Estate Liquidates Large Amount of SOL Tokens at Significant Discount.
FTX Estate has conducted a massive sale of Solana (SOL) tokens, shaking up the market at a substantial 63% discount compared to current prices. According to a recent Bloomberg report on April 5, this maneuver has generated almost $2 billion.
Details of the sale and those involved
The sale attracted interest from various players in the investment world, including asset managers and venture capitalists. Among them, Galaxy Trading and Pantera Capital stand out, who have been mentioned by sources close to the matter cited by Bloomberg. The bankrupt exchange placed between 25 and 30 million SOL tokens on the market, locked at a price of USD 64 per unit. This strategy not only generated significant income for FTX's creditors, but also evidences the crucial role SOL has played in the exchange ecosystem.
Context of the SOL token and its performance
The SOL token has been a rising star in the cryptocurrency world, recording a staggering 743% surge over the past 12 months, according to data from CoinMarketCap. This growth has been driven by the recovery of cryptocurrency markets and the "memecoin" phenomenon.
Key actors in the operation
Galaxy Trading, a division of Galaxy Digital led by Mike Novogratz, raised approximately $620 million to purchase SOL tokens from the FTX estate. On the other hand, Pantera Capital also joined the action, raising $250 million to acquire these tokens. Neptune Digital Assets, a Canadian blockchain company, also participated in the transaction by purchasing almost 27 thousand SOL tokens per unit at USD 64, on March 27.
Reactions and disputes
However, the sale of these assets at such a steep discount has generated criticism and tensions among the stock market's creditors. Former FTX CEO Sam Bankman-Fried is now facing a 25-year prison sentence on fraud charges stemming from the stock market crash in 2022. During his sentencing, creditors have expressed their displeasure and accusations toward the company's liquidators. bag. One of the creditors, Sunil Kavuri, noted: “They have liquidated billions of dollars in crypto assets. FTX had $10 billion in Solana tokens — they sold them at a 70% discount”.
In conclusion, the sell-off of SOL tokens by FTX Estate has shaken the cryptocurrency market and generated both interest and controversy. The outcome of this situation remains uncertain, with tensions between those involved and legal lawsuits underway. This development highlights the volatility and complexity of the world of cryptocurrencies, where strategic decisions can have a significant impact on global financial markets.
