FTX Estate will load the last of the heavily discounted Solana tokens.
FTX Estate has finally sold its heavily discounted SOL (SOL) tokens to Pantera Capital and Figure Markets in a now-defunct exchange auction that completely unloaded lenders and former customers.
FTX sold $2.6 billion worth of SOL tokens for $102 – a steal compared to SOL's current market price of $168.
Image Markets received 800,000 SOL in the auction, while Pantera Capital acquired the rest of the lot that was sold in bankruptcy.
FTX will implement a four-year deposit schedule for tokens and coins as part of its agreement with buyers of discount assets.
While the FTX bankruptcy estate recovered $7.3 billion in assets, not everyone was convinced by the asset's recovery efforts.
Lender Sunil Kavuri, who heads the FTX Lending Society, took issue with selling bankrupt estate properties at deeply discounted prices. Kavri said:
Sullivan and Cromwell trampled on our property rights. They destroyed billions of dollars worth of crypto assets. There is a token S&C that sells for 11 cents. It is now trading at two dollars. FTX had $10 billion in Solana tokens – they sold it at a 70% discount.
Kavuri went on to argue that the digital assets were former creditors and customers of the platform and that FTX's bankruptcy attorneys should have sold Sullivan & Cromwell at a steep discount and reimbursed the injured parties.
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The FTX lender's statements echo similar sentiments from those affected by FTX's failure, who have long criticized Sullivan and Cromwell's role in the bankruptcy process.
These criticisms were carried over to the court, which eventually ordered an independent investigation into Sullivan and Cromwell, which ultimately found them innocent of any involvement with FTX.
SOL prices fell 4% after the announcement of the bankruptcy bids, but the alternative layer-1 network continued to show strong price performance.
The altcoin is currently enjoying a steady growth that started in November 2023 and reached a peak of $210.
