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>>FTX Estate has sold the remaining discounted Solana tokens it held as part of its efforts to repay creditors and address its financial obligations.

FTX Estate has sold the remaining discounted Solana tokens it held as part of its efforts to repay creditors and address its financial obligations.

crypthub

1/24/2025, 11:49:03 AM

FTX Estate Sells Remaining Solana Tokens

The FTX estate has concluded the sale of its discounted Solana (SOL) tokens, aiming to reimburse creditors and former clients. The final batch, valued at $2.6 billion, was sold to Pantera Capital and Figure Markets at $102 per token. This structured release plan over four years aims to stabilize the market.

Controversy Arises Over Asset Sales

Sunil Kavuri, a leading creditor, criticized the estate's decision to sell assets at deep discounts. He advocated for direct return of digital assets to creditors and clients. The criticism reflects broader frustrations among those affected by the FTX collapse regarding the actions of bankruptcy lawyers.

Solana Price and Performance

Despite a 4% drop after auction announcements, SOL's price has shown an uptrend since November 2023, reaching a high of $210. The alternative layer-1 network continues to perform well, indicating market resilience.

Whistleblower Settlements and Legal Proceedings

An independent examiner's report revealed that FTX Group allegedly paid over $25 million in hush money to seven whistleblowers before its November 2022 collapse. US prosecutors seek a sentence for Ryan Salame, who pleaded guilty to campaign finance violations and operating an illegal money-transmitting business.

Charity Commission Investigation

The UK government's Charity Commission found that Effective Ventures Foundation acted diligently in safeguarding its funds after FTX's collapse. The charity repaid $4.3 million to the FTX estate, matching the total received from FTX and its foundation in 2022.