Welcome to Extreme Investor Network, where we bring you the latest news and insights in the world of cryptocurrency and blockchain. In a recent development, the sale of 2/3 of $2.6 billion worth of Solana tokens by law firm Sullivan and Cromwell has stirred up controversy in the crypto community. Let’s dive into the details of this sale and the reactions it has elicited.
FTX Creditor Champion, Sunil, raised concerns about the impact of the sale on FTX creditors. According to Bloomberg, Sunil revealed during the SBF Sentencing that Sullivan and Cromwell sold a significant portion of their Solana tokens at a discount of $64 per token, a steep 62% lower than the market price of $172. Interestingly, it was reported that Galaxy, a client of Sullivan and Cromwell, purchased the majority of the tokens themselves.
Sunil expressed worry over the sale, noting that it has led to the destruction of billions of dollars in value for FTX creditors. He mentioned that the Solana tokens were sold before being distributed to the creditors, impacting their potential recoveries. The situation raises questions about the ethics and legality of such transactions.
Lidia, another individual, expressed disbelief over Sullivan and Cromwell’s actions, questioning the legality of selling something that did not belong to them to their own clients. Sunil echoed Lidia’s sentiments, condemning the sale of property that was not rightfully theirs at a significant discount. This move not only hurt FTX creditors but also favored Sullivan and Cromwell’s clients, who were compelled to buy rather than sell.
As we digest the information shared by Sunil and other concerned individuals, it is crucial to await further details or official statements to gain a comprehensive understanding of the situation. Stay tuned to Extreme Investor Network for more updates on this developing story in the world of cryptocurrency.
