FTX creditors have strongly disapproved of the bankrupt crypto exchange’s decision to sell its Solana holdings at a significant discount to crypto venture firms.
Earlier today, reports revealed that FTX offloaded as much as 30 million SOL at a rate of $64 each to VC firms like Pantera Capital and Galaxy Trading. The move is a substantial 62% markdown from the current market price — hovering around $176 as of press time.
The transaction, expected to fetch FTX about $1.9 billion, is positioned as a significant step towards repaying its creditors. However, those affected by the exchange’s collapse perceive the deal negatively.
Sunil Kavuri, one of the victims, lamented that the sale “destroyed billions of value for FTX creditors,” accusing the firm’s bankruptcy lawyers Sullivan & Cromwell of prioritizing their clients over the creditors by disposing of what he deems is creditors’ “property.”
Kavuri’s critique resonates with others impacted by FTX’s downfall, who
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