A recent development in the world of cryptocurrency has left many scratching their heads as bankrupt exchange FTX concluded the sale of $2.6 billion worth of discounted Solana tokens. The buyers of these SOL tokens included Figure Markets and Pantera Capital, who managed to secure the final troves of tokens after weeks of auctions. The results of the auction were brought to light by undisclosed sources, revealing that Figure acquired 800,000 coins for approximately $80 million, paying about $102 per token, a significant markdown from Solana’s current market price of around $166.
Figure Markets and Pantera Capital played vital roles in the acquisition of the discounted Solana tokens from FTX. Figure, led by CEO and co-founder Mike Cagney, disclosed plans to establish a Special Purpose Vehicle (SPV) that would allow both non-US and US investors to participate in the auctions. On the other hand, while Pantera Capital’s involvement in the auction was confirmed, the exact amount paid by the venture capital fund remains unknown.
The sale of Solana tokens by FTX has sparked controversy within the cryptocurrency community, especially considering the bankrupt status of the exchange and its notorious former leader, Sam Bankman-Fried, also known as SBF. Earlier in the year, Pantera aimed to raise $250 million to acquire Solana tokens from FTX, eventually becoming a winning bidder in the process. Other major crypto firms such as Neptune Digital Assets Corp and Galaxy Trading have also shown interest in acquiring portions of the Solana tokens being sold off by FTX.
The collapse of FTX resulted in many crypto users losing significant amounts of funds, with some estimating that their assets, had they not been locked up in bankruptcy, would have grown to at least $4 million. FTX has stated its intention to repay creditors 100% of what they are owed, plus interest, but instead of receiving their crypto back, creditors will be compensated in US dollars based on the accounts’ value at FTX’s collapse in November 2022. Unfortunately, due to the significant rise in Bitcoin’s price since then, creditors have missed out on substantial gains during one of the largest crypto bull runs.
The sale of discounted Solana tokens by bankrupt FTX has raised eyebrows and sparked debates within the cryptocurrency community. The involvement of major players such as Figure Markets and Pantera Capital, coupled with the controversy surrounding the bankruptcy proceedings and the impact on creditors and crypto users, adds layers of complexity to an already tangled situation. As the crypto market continues to evolve and mature, it remains to be seen how this event will shape the future landscape of cryptocurrency exchanges and investor confidence.
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