The bankrupt cryptocurrency exchange FTX will be selling its 41 million Solana tokens to institutional investors at a price of around $60, which is a 68% discount to the current market price. Sunil Kavuri, a creditor of FTX, claims that not all customers have been fully compensated by the exchange's bankruptcy, with Sullivan & Cromwell allegedly overlooking property rights and selling crypto assets at significant discounts. The estate plans to sell the Solana tokens for $60, even though they are currently valued at $187. Judge Lewis A. Kaplan clarified that a recent hearing was focused on sentencing the former CEO of FTX, not on addressing customer claims.
Neptune Digital Assets, a Canadian blockchain firm, recently announced the acquisition of 26,964 SOL tokens at a price of $64 each, matching the terms set by the FTX estate. These discounted sales come with a four-year vesting period. Additionally, FTX creditors have taken legal action against Sullivan and Cromwell, accusing the firm of being involved in fraudulent activities linked to FTX prior to serving as its bankruptcy counsel. Before going bankrupt, FTX was a notable investor in the Solana ecosystem.
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