The bankrupt exchange FTX has completed the auction of its Solana token holdings, amassing a total of $2.6 billion. The sales were executed at discounted rates, drawing considerable attention from notable buyers, including Figure Markets and Pantera Capital.
Figure Markets secured 800,000 tokens for approximately $80 million, a transaction confirmed by sources who preferred anonymity due to the confidentiality of the auction results. Each token was acquired at about $102, markedly below the market value of $165 recorded the preceding Friday.
Pantera Capital also participated in the latest auction round. Specific details regarding the price and quantity of tokens purchased by Pantera remain undisclosed by the sources.
The sale of these assets is a critical step in FTX’s ongoing bankruptcy process, overseen by the estate’s administrators. Despite the substantial revenue generated from the token sales, creditors are slated to receive repayment in full with interest in fiat currency rather than cryptocurrency, which has been a point of contention among stakeholders.
The controversy continues as the stakeholders miss out on potential gains from the recent cryptocurrency market upsurge, highlighted by Bitcoin’s peak performance in March. As it stands, the FTX estate estimates it will distribute around $16.3 billion to its creditors, which includes over two million customers, with liabilities totaling about $11 billion.
Also Read : Pantera Buys Discounted SOL in FTX Auction
