FTX entity has finally sold its last Solana (SOL) tokens. The move is part of efforts to compensate creditors and former customers. Tokens worth $2.6 billion were sold to Pantera Capital and Figure Markets. This sale, in which each token was sold for $102, was well below the current market price of $169. Figure Markets purchased 800,000 tokens, while Pantera Capital acquired the rest.

Controversy over FTX discount sales

The decision to sell Solana tokens at such a discount caused criticism. Sunil Kavuri, a prominent creditor in the FTX community, made clear his disapproval. He argued that digital assets should be returned to creditors and customers rather than sold at low prices. Kavuri's disappointment is shared by many people affected by the FTX bankruptcy.

FTX's Asset Recovery Efforts

Despite the controversy, FTX managed to raise $7.3 billion in assets. This includes the discounted sale of Solana tokens. The entity implemented a four-year vesting program as part of the agreement with the buyers. This structure aims to reduce the impact of the large transaction on the market.

Independent Review Clears Sullivan & Cromwell

The court ordered an independent investigation into Sullivan & Cromwell's role in the FTX bankruptcy process. The investigation aimed to address accusations of mismanagement of asset sales and collusion with FTX. However, dissatisfaction among FTX creditors continues.

Effect of Solana on Market Performance

Following the announcement of the bankruptcy auctions, the Solana (SOL) price fell 4%. Despite this initial decline, Solana showed strong price performance. The altcoin has been in a steady uptrend since November 2023, reaching as high as $210. This resilience demonstrates the strength of Solana's alternative layer-1 network despite the lingering effects of the FTX bankruptcy.