The sale price of $64 per token represents an almost two-thirds discount to the current price of Solana.
FTX creditors have strongly criticized the sale of Solana at such a low price.
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Posted April 5, 2024 at 11:46 am EST.
The bankruptcy estate of FTX has sold between 25 million and 30 million locked-up Solana tokens at $64 each, according to sources with knowledge of the matter who spoke to Bloomberg.
The sale raised between $1.6 billion to $1.9 billion, but the price represents an almost 64% discount to the current $177 price of Solana, a situation that FTX creditors have strongly criticized. SOL’s price was down about 0.6% in the last hour and down 6.3% over the last 24 hours, according to CoinGecko.
The buyers, who Bloomberg reported included Galaxy Trading and Pantera Capital, will only be able to sell the tokens gradually over the next four years according to a pre-determined vesting schedule.
Read more: FTX Initiates Selling of $7.5 Billion Locked Solana: Report
The FTX estate owned about 41 million Solana tokens before the latest sale, constituting the largest portion of the digital assets owned by the estate. Sam Bankman-Fried, FTX’s founder and former CEO, was a major supporter of the blockchain. He was sentenced to serve 25 years in prison and forfeit $11 billion for stealing billions of dollars in customer and investor funds.
Sunil Kuvari, an FTX customer who lost about $2 million when the crypto exchange collapsed, said at Bankman-Fried’s sentencing hearing last week that the bankruptcy estate and its lawyers had “trampled over our property rights” by selling Solana, as well as other assets, at such a steep discount to their current value.
“Our assets were our property,” Kuvari said. “And you can’t just take a property, sell it for a profit, and keep the profit. That’s not how it works.”
Read more: 75% of Solana Transactions Are Failing as Bots Dominate Swap Count
