The recent sale of $2.6 billion worth of discounted Solana tokens by the bankrupt crypto exchange FTX has raised eyebrows within the cryptocurrency community. Figure Markets and Pantera Capital were among the buyers who acquired the final troves of SOL tokens from FTX through auctions. According to undisclosed sources, Figure purchased 800,000 coins for approximately $80 million, at a price of around $102 per token, significantly below Solana’s market value of $166.
Figure Markets, led by CEO Mike Cagney, established a Special Purpose Vehicle (SPV) to allow both US and non-US investors to take part in the auctions. Pantera Capital also participated in the sale, although the exact amount paid by the venture capital fund remains unknown. Pantera had previously aimed to raise $250 million to acquire Solana tokens from FTX, successfully securing a batch of discounted tokens in a previous auction.
The sale of Solana tokens as part of bankruptcy proceedings has sparked controversy, especially considering FTX’s troubled past under convicted fraudster Sam Bankman-Fried. Other major crypto firms, including Neptune Digital Assets Corp and Galaxy Trading, have expressed interest in acquiring portions of the Solana tokens sold by FTX directly. These direct sales were initiated by FTX to liquidate its holdings of the SOL token, following the collapse of the firm.
The collapse of FTX resulted in many crypto users losing their life savings, leading to a wave of anger and frustration within the community. Despite claims by FTX that creditors will be repaid 100% of what they are owed, plus interest, in US dollars based on the accounts’ value at the time of the collapse, many feel shortchanged. Estimates suggest that assets entrusted to FTX would have grown to at least $4 million, had they not been caught up in the bankruptcy proceedings. Creditors will miss out on gains from Bitcoin’s recent price surge, which has quadrupled since the collapse of FTX in November 2022.
The sale of discounted Solana tokens by bankrupt FTX has generated controversy and debate within the cryptocurrency community. While buyers like Figure Markets and Pantera Capital have seized the opportunity to acquire discounted SOL tokens, creditors and former users of FTX are left grappling with the aftermath of the collapse. The impact of missing out on the recent crypto bull run adds salt to the wounds of those affected by FTX’s demise. As the cryptocurrency market continues to evolve, the saga of FTX serves as a cautionary tale for investors and users alike.
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