Figure Markets, Pantera Collect Final Pieces of FTX’s Solana (SOL): Report

Bankrupt crypto exchange FTX has concluded the sale of $2.6 billion in Solana tokens at a discount. Figures Markets and Pantera Capital were among the buyers who scooped up the last few pieces of FTX SOL tokens after weeks of auctions.

The results of the auction were disclosed by two undisclosed sources, according to Bloomberg, which claimed that Figure acquired a package of 800,000 coins for about $80 million.

Big discounts on FTX Solana tokens

One of the sources mentioned that Figure paid about $102 per token, which represents a significant reduction from Solana’s current market price of approximately $166. The company’s CEO and co-founder Mike Cagney had previously revealed that they would establish a special purpose vehicle (SPV) that would be accessible to both non-US and US investors, allowing them to participate in the auctions .

Two unnamed sources further revealed that Pantera Capital also participated in the recent auction, but the amount paid by the venture capital fund is not known.

The Solana token sale has sparked controversy within the bankruptcy proceedings of FTX, a collapsed cryptocurrency firm formerly run by convicted fraudster Sam Bankman-Fried, aka SBF.

In early March this year, Pantera sought to raise $250 million from investors to acquire FTX’s Solana tokens. The following month, Pantera successfully secured a discounted batch of Solana chips as the winning bidder.

In addition to Pantera, major crypto companies such as Neptune Digital Assets Corp and Galaxy Trading have also shown strong interest in acquiring parts of the Solana tokens that FTX has been selling directly since bankruptcy proceedings began. FTX initiated these direct sales as a means to liquidate its SOL token holdings.

FTX users lose a lot

Many crypto users lost their life savings in the FTX collapse. Subsequently, the crypto market recovered remarkably from the 2022 crash, and Bitcoin finally soared towards the new ATH.

The assets they had entrusted to FTX – had they not been closed in bankruptcy – would have grown to at least $4 million, according to the estimates of two victims who had parked their funds on the fraudulent exchange.

FTX claims it can raise enough funds to pay creditors 100% of what they are owed, plus interest.

However, instead of getting their crypto back, creditors will receive US dollars based on the value of the accounts in the November 2022 collapse of FTX. As the price of Bitcoin has roughly quadrupled since then, they missed out on the biggest crypto bull run since the pandemic.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!