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Reading: FTX Estate Sells Remaining Discounted Solana Tokens to Repay Creditors
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Gulf Press > Business > Crypto > FTX Estate Sells Remaining Discounted Solana Tokens to Repay Creditors
Crypto

FTX Estate Sells Remaining Discounted Solana Tokens to Repay Creditors

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Last updated: 2024/05/26 at 1:24 PM
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The FTX estate recently concluded the sale of its remaining heavily discounted Solana (SOL) tokens, valued at $2.6 billion, to Pantera Capital and Figure Markets. The tokens were sold at $102 per token, significantly lower than the current market price of $168. Pantera Capital acquired the majority of the tokens, with Figure Markets also participating in the purchase. The estate aims to reimburse creditors and former clients through the sale of these assets, with a structured release plan in place to prevent market disruption.

However, the sale of these assets at deep discounts has sparked controversy among creditors, particularly Sunil Kavuri, a leading figure in the FTX creditor community. Kavuri criticized the estate’s decision to sell assets cheaply, arguing that the digital assets should have been returned directly to the creditors and clients. He highlighted instances where assets were sold at significant discounts compared to their current market value, leading to dissatisfaction among those affected by the FTX collapse.

Despite criticisms, the FTX estate has successfully recovered $7.3 billion in assets so far, with ongoing efforts to reimburse creditors and former clients. The estate’s bankruptcy lawyers, Sullivan & Cromwell, have faced scrutiny regarding their handling of asset sales during the bankruptcy proceedings. An independent investigation into their role ultimately cleared them of collusion with FTX, but concerns remain among those impacted by the exchange’s collapse.

In addition to the controversial asset sales, further corruption allegations have emerged surrounding FTX. An independent examiner’s report revealed that FTX allegedly paid over $25 million in hush money to seven whistleblowers before the exchange’s collapse in November 2022. These settlements were related to whistleblowers who raised concerns about various improprieties within the company, including misleading regulators and lacking proper corporate structure.

Former FTX executive Ryan Salame is facing severe charges, including campaign finance violations and operating an illegal money-transmitting business during his time at FTX. The US prosecutors are seeking a 5-to 7-year sentence for Salame, citing significant offenses involving over $1 billion in unlicensed transactions. The UK government’s Charity Commission also conducted an investigation into Effective Ventures Foundation, an FTX-funded charity, finding that the charity acted diligently to protect its funds after FTX’s collapse.

The FTX estate’s sale of discounted Solana tokens, combined with the corruption allegations and legal proceedings surrounding the exchange, underscores the complex and challenging nature of dealing with the aftermath of a cryptocurrency exchange collapse. As efforts continue to reimburse creditors and address the legal ramifications of FTX’s collapse, stakeholders remain vigilant in seeking justice and transparency in the process.

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News Room May 26, 2024
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