Defunct crypto exchange FTX recently sold two-thirds of its Solana holdings for a massive discount, Bloomberg reported at the close of the week.
FTX recently received a court order to sell its massive SOL holdings to repay its creditors. As one of the largest holders of the cryptocurrency, the news of the court order sparked a wave of concerns from SOL investors, as a total selloff by FTX could tank the price of the cryptocurrency in just a few hours. Interestingly, the bankrupt crypto exchange has now gone ahead to sell a majority of its holdings below market value.
FTX: Details Of The Selloff
As noted by Bloomberg, the bankrupt crypto exchange FTX sold around 30 million tokens to key investors, enabling it to round up $1.9 billion in funds. These SOL tokens were sold to prominent industry figures including Galaxy Trading which bought $620 million worth of SOL and Pantera Capital which bought $250 million worth of SOL.
Considering the number of tokens sold and the amo
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