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Figure Markets, Pantera Secure Final Pieces of FTX’s Solana (SOL) Stock: Report
Bankrupt cryptocurrency exchange FTX has concluded the sale of discounted Solana tokens worth $2.6 billion. Figure Markets and Pantera Capital were among the buyers who scooped up the latest treasures of SOL tokens from FTX after weeks of auctions.
The auction results were disclosed by two confidential sources, according to Bloomberg, who said that Figure acquired a package of 800,000 coins for around $80 million.
Deep discounts on FTX Solana tokens
One of the sources mentioned that figure paid around $102 per token, representing a significant markdown from Solana’s current market price of around $166. The company’s CEO and co-founder, Mike Cagney, has done so previously revealed which would establish a Special Purpose Vehicle (SPV) that would be accessible to both non-US and US investors, allowing them to participate in auctions.
Two anonymous sources also 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 failed cryptocurrency company once led by convicted fraudster Sam Bankman-Fried, aka SBF.
In early March this year, Pantera aimed to raise $250 million from investors to acquire Solana tokens from FTX. The following month, Pantera successfully secured a batch of discounted Solana tokens as the winning bidder.
In addition to Pantera, major cryptocurrency firms such as Neptune Digital Assets Corp and Galaxy Trading have also shown keen interest in acquiring parts of the Solana tokens that FTX has been selling directly since the bankruptcy proceedings began. FTX initiated these direct sales as a means to liquidate its holdings in the SOL token.
FTX users lose a lot
Many cryptocurrency users lost their life savings in the FTX collapse. Subsequently, the cryptocurrency market saw a notable recovery from the 2022 crash, with Bitcoin eventually rising to a new high.
According to the data, the assets they had entrusted to FTX – if they had not been stuck in bankruptcy – would have grown to at least $4 million. estimates carried out by two victims who had parked their funds at the fraudulent exchange.
FTX says it can raise enough funds to repay creditors 100% of what is owed, plus interest.
However, instead of getting their cryptocurrencies back, creditors will receive US dollars based on the value of the accounts when FTX crashes in November 2022. Since the price of Bitcoin has more or less quadrupled since then, they have missed out on the biggest bull run in the cryptocurrencies since the pandemic.