FTX creditors are expressing strong disapproval of the bankrupt crypto exchange’s decision to sell its Solana holdings at a significant discount to crypto venture firms. Reports indicate that FTX sold 30 million SOL at a rate of $64 each to firms like Pantera Capital and Galaxy Trading, a 62% markdown from the current market price of $176. The SOL will be locked for four years and cannot be sold.
The transaction, expected to earn FTX about $1.9 billion, is meant to help repay creditors. However, many affected by the exchange’s collapse see the deal in a negative light. Victim Sunil Kavuri criticized the sale, claiming it “destroyed billions of value for FTX creditors” and accusing the exchange’s bankruptcy lawyers of prioritizing their clients over the creditors by selling what he believes is their property.
Others impacted by FTX’s downfall have raised concerns about the exchange’s repeated liquidation of customers’ digital assets during the bankruptcy proceedings.
On-chain data shows that FTX and Alameda addresses have transferred about $15 million worth of crypto to centralized exchanges. Transactions include 1,000 ETH to Coinbase, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coin (WBNB) to Binance. Previous transactions involved moving $105.9 million worth of 19 different altcoins to intermediary wallets, with $16 million in 13 assets later deposited to centralized exchanges.
SpotOnChain reported that GateChain’s 3.17 million GT tokens, valued at about $31.3 million, dominated the transactions, along with LEO and VIC tokens among others. The post FTX discount sale of $1.9 billion locked Solana faces creditor fury appeared first on CryptoSlate.
