Exclusive Recap: FTX Estate Sells Discounted Solana (SOL) Tokens Worth $2.6 Billion
The estate of bankrupt cryptocurrency exchange FTX has recently concluded the sale of a substantial amount of Solana (SOL) tokens at a discounted rate, totaling $2.6 billion. The auctions, which lasted several weeks, attracted major buyers such as Figure Markets and Pantera Capital.
Figure Markets Steps In: Acquires 800,000 Solana Tokens
Reports from Bloomberg indicate that Figure Markets secured a batch of 800,000 Solana tokens for around $80 million. This purchase was made at approximately $102 per token, offering a significant discount compared to the current market value of about $166 per token.
– Figure Markets acquired 800,000 Solana tokens for $80 million
– The discounted rate per token was $102
– Pantera Capital also participated in the auction
– The specific purchase price by Pantera Capital was undisclosed
Pantera Capital Joins the Fray
Pantera Capital, a venture capital firm, also partook in the auction but has not disclosed the amount it paid for the Solana tokens. Previously, Pantera Capital aimed to raise $250 million and had successfully bid in an earlier auction involving approximately 2,000 SOL tokens.
– Pantera Capital remains undisclosed on the specific price paid
– Pantera Capital previously sought to raise $250 million
– Pantera Capital won in an earlier auction involving 2,000 SOL tokens
Restricted Trading: Tokens Subject to Vesting Period
Despite the recent purchases, the 41 million SOL tokens sold by the FTX estate are currently under a pre-agreed vesting period. This period restricts immediate trading, ensuring a gradual release of the tokens into the market over four years.
FTX’s Repayment Plan and Settlements
The sale of Solana tokens marks a critical step in FTX’s bankruptcy proceedings. While creditors are on track to receive full repayment with interest, they will not regain possession of their cryptocurrency holdings, a significant concern given the recent surge in crypto prices.
– Creditors are set to receive full repayment plus interest
– However, they will not regain cryptocurrency holdings
– Recent surge in crypto prices adds complexity to the situation
Clearing Debts: FTX’s Comprehensive Repayment Plan
FTX’s repayment plan aims to fully compensate creditors and customers, offering billions of dollars as compensation for the time value of their investments. The plan, awaiting Bankruptcy Court approval, involves centralized asset distribution to those impacted by the fraud scheme.
– FTX’s repayment plan includes compensation for stakeholders
– The plan requires approval from the Bankruptcy Court
– Billions of dollars are set aside for compensation
IRS and CFTC Agreements
FTX has proposed settlements with the Internal Revenue Service (IRS) and the Commodities Futures Trading Commission (CFTC) to resolve claims worth $24 billion. As part of this agreement, FTX will make a cash payment of $200 million and issue a subordinate claim amounting to $685 million.
– FTX proposes settlements with the IRS and CFTC
– FTX will pay $200 million in cash
– A subordinate claim of $685 million will also be issued
SOL’s Current Status
At present, SOL is valued at $167, depicting a 2% decline in the last 24 hours. Notably, despite the recent drop, the fifth-largest cryptocurrency has witnessed a staggering 780% increase in value since the beginning of the year.
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