Solana drops as FTX sells $2.6 billion at 38% discount
FTX's Solana token sales stir controversy amid bankruptcy proceedings, impacting creditors and market prices.
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Solana token prices have fallen by 4% in the past day after the bankrupt crypto exchange FTX sold $2.6 billion worth of tokens to Figure Markets and Pantera Capital at a significant discount, according to Bloomberg.
Figure bought 800,000 Solana tokens for about $80 million, or $102 per token – a 38% discount from Friday’s market price of $165. Pantera also bought tokens in the latest auction, but the price they paid is unknown.
The Solana token sales have been controversial in FTX’s bankruptcy case. Creditors will be repaid in full with interest, but won’t get their crypto back, missing out on the recent bull run.
FTX says it will have up to $16.3 billion to distribute, owing over $11 billion to more than two million customers and other creditors.
Pantera previously tried to raise $250 million to buy discounted Solana from FTX and won a batch of tokens in April at an even steeper discount of 57%.
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