According to one of Bloomberg’s latest news, the recent massive Solana liquidation has had a serious impact on the crypto market. FTX This event, linked to the collapse of the stock market, triggered speculation.
FTX’s $1.9 billion sale of SOL also disturbed creditors. Major players such as Galaxy Trading, Pantera Capital and Neptune Digital Assets acquired large stakes in the bankrupt exchange SOL, attracting the attention of asset managers and venture capitalists. Galaxy Trading raised $620 million for SOL tokens, while Pantera Capital raised $250 million. Neptune Digital Assets purchased 26,964 SOL tokens at $64 each.
FTX’s sale of between 25 million and 30 million locked SOL coins at $64 per token has raised concerns among creditors, especially given SOL’s current trading price of $176. Critics accused FTX’s liquidators of violating creditors’ property rights, particularly in selling assets at significant discounts.
FTX sold the bulk of its SOL tokens for $1.9 billion, but these tokens will remain locked for four years. The company claims this move is to repay creditors, but the stock market has been receiving negative feedback from victims of the crash. Sunil Kavuri, one of the victims of the collapse, criticized the sale, stating that the exchange destroyed billions in value for its creditors.
According to the latest data, significant cryptocurrency transfers from addresses affiliated with FTX and Alameda to central exchanges totaled approximately $15 million. These transactions include notable transfers such as 1,000 ETH to Coinbase, 1,000 Wrapped Ether (WETH) to Wintermute, and 3,544 Wrapped Binance Coins (WBNB) to Binance.
During the same period, addresses linked to the failed exchange were found to be carrying 19 different altcoins worth approximately $105.9 million from the intermediary wallet. This followed transactions of approximately $16 million across 13 different assets deposited on centralized exchanges. Notable transfers included GateChain’s 3.17 million GT tokens worth approximately $31.3 million, as well as transfers of LEO and VIC tokens, among other tokens.
Additionally, former CEO of FTX, Sam Bankman-Fried, was recently sentenced to 25 years in prison on fraud charges related to the stock market’s November 2022 crash. Creditors filed a class-action lawsuit against Sullivan and Cromwell, alleging they were involved in fraud before representing FTX during bankruptcy proceedings.
