FTX, a bankrupt cryptocurrency exchange, has concluded the sale of a large amount of heavily discounted Solana (SOL) tokens, totaling $2.6 billion. The sale, which lasted several weeks, attracted buyers like Figure Markets and Pantera Capital.
This sale represents a significant step in the bankruptcy proceedings of FTX, previously run by convicted fraudster Sam Bankman-Fried.
Figure Markets Purchase 800,000 Solana Tokens
Figure Markets bought 800,000 Solana tokens for around $80 million, at a price of about $102 per token, which is substantially lower than the current market price of approximately $166.
Pantera Capital, a venture capital firm, also took part in the auction but did not disclose the specific amount it paid. Pantera Capital had previously bid in an auction for around 2,000 SOL tokens.
The 41 million SOL tokens sold by FTX are under a predetermined vesting period and will be gradually released for trading over four years.
FTX’s Repayment Plan and Settlements
FTX’s bankruptcy proceedings have included the sale of Solana tokens. Creditors will be fully repaid with interest but will not regain access to their cryptocurrency holdings, a concern for some given the recent crypto price surge.
The repayment plan aims to compensate creditors and customers, providing billions of dollars as compensation for lost investment opportunities.
The plan, awaiting Bankruptcy Court approval, involves distributing assets centrally to affected stakeholders. It allocates between $14.5 billion and $16.3 billion from asset sales to reimburse creditors and customers.
FTX has proposed settlements with the IRS and the CFTC, including addressing $24 billion in IRS claims. FTX will make a $200 million cash payment and issue a $685 million subordinate claim. Settlements have also been reached with the Joint Official Liquidators of FTX Digital Markets, Ltd., and BlockFi.
Currently, SOL is valued at $167, a slight decline of over 2% in the last 24 hours. Nevertheless, the fifth-largest cryptocurrency in the market has surged by 780% year-to-date.
Image source: Shutterstock, chart from TradingView.com
