Figure Markets, Pantera Snap Up Final Pieces of FTX’s Solana (SOL) Stash: Report

Bankrupt cryptocurrency exchange FTX has finished selling $2.6 billion worth of discounted Solana tokens. Figure Markets and Pantera Capital were among the buyers who secured the final troves of SOL tokens from FTX after weeks of auctions.

The results of the auction were revealed by two undisclosed sources, according to Bloomberg, who reported that Figure acquired a package of 800,000 coins for approximately $80 million.

Big discounts on FTX's Solana tokens

One of the sources Mentioned This format paid an estimated $102 per token, which represents a significant discount from Solana's current market price of around $166. The company's CEO and co-founder, Mike Cagney, had previously revealed that they would create a special purpose vehicle (SPV) that would be accessible to non-US and US investors, allowing them to participate in auctions.

Two unnamed sources also revealed that Pantera Capital also participated in the recent auction, but the amount paid by the venture capital fund is unknown.

The sale of Solana tokens has sparked controversy in the bankruptcy proceedings of FTX, a collapsed cryptocurrency company that was led by convicted fraudster Sam Bankman-Fried, also known as SBF.

Earlier in March this year, Pantera aimed to raise $250 million from investors to acquire Solana tokens from FTX. The following month, Pantera successfully secured a block of discounted Solana tokens as the winning bidder.

Besides Pantera, major cryptocurrency companies such as Neptune Digital Assets Corp and Galaxy Trading have also shown keen interest in acquiring portions of Solana tokens that FTX has been selling directly since the start of bankruptcy proceedings. FTX initiated these direct sales as a way to liquidate its holdings of the SOL token.

FTX users lose a lot

Many cryptocurrency users lost their savings in the FTX collapse. Subsequently, the cryptocurrency market made a remarkable recovery from the 2022 crash, with Bitcoin eventually rising to a new ATH.

The assets they entrusted to FTX — had they not been locked into bankruptcy — would have grown to at least $4 million, according to Estimates It was carried out by two victims who parked their money on the fraudulent exchange.

FTX claims it can raise enough funds to repay 100% of the amounts owed to creditors, plus interest.

However, instead of getting their cryptocurrencies back, creditors will receive US dollars based on the value of the accounts when FTX collapsed in November 2022. Since the price of Bitcoin has nearly quadrupled since then, they have missed out on the biggest cryptocurrency rally since the pandemic.