As per a report from Bloomberg, the recent significant liquidation of Solana tokens by FTX has disrupted the cryptocurrency market. FTX, which is facing financial troubles, sold a large portion of its SOL tokens at a 63% discount compared to current market prices, generating almost $2 billion for its creditors.

Galaxy Trading, Pantera Capital, and Neptune Digital Assets were the primary buyers of FTX’s SOL tokens, indicating strong interest from asset managers and venture capitalists. Galaxy Trading acquired $620 million worth of SOL tokens, Pantera Capital bought $250 million, and Neptune Digital Assets purchased 26,964 SOL tokens at $64 each.

Creditors have expressed outrage over FTX’s sale of 25-30 million locked-up SOL coins at a discounted rate, especially given SOL’s current trading price of $176. There are allegations that FTX’s liquidators did not respect the property rights of creditors due to the substantial discounts at which the assets were sold.

FTX has defended its decision to sell a large portion of its SOL tokens for $1.9 billion, which are now locked for four years. However, this move has faced criticism from those impacted by the collapse of the exchange, with Sunil Kavuri describing it as detrimental to FTX creditors.

Crypto Transfers from FTX and Alameda to Exchanges

Recent on-chain data shows significant cryptocurrency transfers from addresses associated with FTX and Alameda to centralized exchanges, totaling around $15 million. These transactions include transfers like 1,000 ETH to Coinbase, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coin (WBNB) to Binance.

During the same period, addresses linked to the failed exchange moved approximately $105.9 million worth of 19 different altcoins to intermediary wallets, followed by deposits of around $16 million in 13 different assets to centralized exchanges. The majority of the transactions involved the transfer of 3.17 million GT tokens from GateChain, valued at about $31.3 million, as well as substantial transfers of LEO and VIC tokens, among others.

Furthermore, Sam Bankman-Fried, the former CEO of FTX, was recently sentenced to 25 years in prison on fraud charges related to the exchange’s collapse in November 2022. Creditors have taken legal action against Sullivan and Cromwell, accusing them of involvement in the fraud leading up to representing FTX during bankruptcy proceedings.