FTX Bankruptcy Estate Finalizes $2B Solana (SOL) Sale at Significant Discounts

<ul>
  <li>The estate of bankrupt cryptocurrency exchange FTX has completed the sale of a substantial trove of discounted Solana (SOL) tokens, amounting to $2.6 billion.</li>
  <li>The auctions spanned several weeks and attracted buyers such as Figure Markets and Pantera Capital.</li>
  <li>These transactions mark a significant development in the bankruptcy proceedings of FTX, previously operated by convicted fraudster Sam Bankman-Fried.</li>
</ul>
<p><strong>FTX estate sells $2.6 billion in Solana tokens, attracting major buyers like Figure Markets and Pantera Capital.</strong></p>
<h2><strong>Figure Markets Acquires 800,000 Solana Tokens</strong></h2>
<p>According to a Bloomberg report, Figure Markets acquired a block of 800,000 Solana tokens for approximately $80 million. The purchase price was roughly $102 per token, representing a considerable discount compared to the market price of around $166.</p>
<h3><strong>Pantera Capital's Participation</strong></h3>
<p>Venture capital firm Pantera Capital also participated in the recent auction, although the specific price it paid remains undisclosed. Pantera Capital had previously sought to raise $250 million and had successfully bid in an earlier auction of discounted Solana tokens, involving approximately 2,000 SOL tokens.</p>
<h2><strong>FTX’s Settlements And Repayment Plan</strong></h2>
<p>The sale of Solana tokens has been a contentious issue in FTX’s bankruptcy proceedings. While creditors are set to receive full repayment plus interest, they will not regain possession of their cryptocurrency holdings, which has been a concern for some, especially considering the recent surge in crypto prices.</p>
<h3><strong>Details of the Repayment Plan</strong></h3>
<p>FTX’s repayment plan aims to fully compensate creditors and customers, including providing billions of dollars as compensation for the time value of their investments. Furthermore, the repayment plan, which is awaiting approval from the Bankruptcy Court, involves the centralized distribution of assets to creditors and customers affected by the fraud scheme.</p>
<p>The plan sets aside between $14.5 billion and $16.3 billion, generated from selling FTX-owned assets and properties, to reimburse stakeholders. The proposal includes prioritizing interest payments to primary classes of customers and creditors and introducing a “convenience class” for smaller creditors to expedite compensation.</p>
<h3><strong>Settlements with Regulatory Bodies</strong></h3>
<p>Moreover, FTX proposed settlements with the Internal Revenue Service (IRS) and the Commodities Futures Trading Commission (CFTC), including the resolution of $24 billion in IRS claims. As part of the agreement, FTX will make a $200 million cash payment and issue a $685 million subordinate claim. Additionally, FTX has reached settlements with the Joint Official Liquidators of FTX Digital Markets, Ltd., and BlockFi, the largest creditor of FTX.</p>
<h3><strong>Conclusion</strong></h3>
<p>The sale of Solana tokens by the FTX estate and the subsequent repayment plan mark significant steps in the bankruptcy proceedings. While the controlled release of tokens aims to stabilize the market, the comprehensive repayment plan seeks to address the concerns of creditors and customers, ensuring a structured and fair resolution to the bankruptcy case.</p>